Swiss Exports Rises in May

Swiss exports increased in May amid strong demand from Asia and another strong uptick in watch sales, but prices for exported goods continued to drop during the period due to the strong franc.

Exports, which also benefited from three more working days compared to a year earlier, rose 22.6% in real terms to CHF18.4 billion ($21.8 billion), the Swiss customs office said.

This, together with slowing imports that were partly due to special effects, such as lower gold imports from Vietnam, boosted the trade surplus to CHF3.3 billion, a new record.

But the government body found that excluding the three extra working days, exports were sluggish and that prices for exported goods dropped 4.8% during the reporting period. It noted that without pharma products, export prices sagged 5.7%.

Swiss Exports Rises in May, WSJ
6/23/2011 6:07:59 PM