Swiss Trade Surplus Increases in October

Swiss exports rose in October despite the strong franc as Asian consumers and companies kept buying Swiss watches and machines.

The resilience of exports is fueling the view that the Alpine economy is heading for only a moderate slowdown following this year's brisk recovery.

In October, Swiss exports rose 6.2 percent from September when adjusted for price swings and seasonal effects, the Swiss Customs Office said. They rose 6.8 percent on the year in real terms and the trade surplus widened to 2.1 billion francs.

Economists said exports were holding up surprisingly well given the strong currency, which is still not far off record levels against the euro and the dollar.

Exports to Asia rose some 9 percent in October in nominal terms and the Swiss sold nearly 7 percent more in Latin America.

Central bank data show that in both regions the franc has risen against a basket of currencies in trade-weighted terms in recent months though it is still below last year's levels.

Swiss Trade Surplus Increases in October, Reuters
11/19/2010 7:43:35 AM