Switzerland Trade Surplus Falls from Record High

Switzerland trade surplus narrowed to CHF 1.39 billion in August of 2014 from CHF 1.91 billion in the same month a year earlier, as imports expanded at a faster pace than exports and below market expectations.

In July of 2014, the country posted a revised record high trade surplus of CHF 3.90 billion.

In August of 2014, exports increased 0.5 percent year-on-year to CHF 14.9 billion, mainly driven by sales of gold and silver (+78.2 percent). Deliveries were also higher for textiles, clothing and footwear (+6.7 percent), food, beverages and tobacco (+2.3 percent) and chemical and pharmaceutical industry (+1.8 percent). Outward shipments shrank for vehicles (-19.7 percent), pulp, paper and graphic arts (-13.6 percent); industrial machinery and electronics (-7.5 percent); plastic industry (-7.2 percent); precision instruments (-5.0 percent); metallurgical industry (-0.6 percent) and watch industry (-0.3 percent).

Sales to the European Union countries declined 2.3 percent with those to Greece falling the most (-19 percent), followed by to Austria (-18.3 percent) and Portugal (-17.5 percent). Export to the US grew 17 percent while those to Middle East and Asia rose 7.4 percent and 2.8 percent respectively.

Imports grew 4.7 percent year-on-year to CHF 13.5 billion. Inbound shipments increased for all of product categories except for energy products, which fell 8 percent. Imports of fuels shrank 19.7 percent, making it the biggest drop among energy product items. Higher purchases were recorded for consumer goods (+9.8 percent), raw materials and semi-finished products (+3.1 percent) and other goods (+0.5 percent).

Switzerland Trade Surplus Falls from Record High

Swiss Customs Administration l Rida l rida@tradingeconomics.com
9/18/2014 1:24:04 PM