Swiss Trade Surplus Widens To 4-Month High In May
Swiss trade surplus widened to CHF 3.40 billion in May 2017 from CHF 3.34 billion a year earlier and above market expectations of CHF 2.44 billion. It was the largest trade surplus since January, as exports went up by 13.5 percent to CHF 19.56 billion while imports increased by 16.3 percent to CHF 16.16 billion.
Year-on-year, exports rose by 13.5 percent to CHF 19.56 billion, mainly driven by an increase in sales of chemical and pharmaceutical products (16.4 percent), machinery and electronics (7 percent), watches (9 percent), precision instruments (10.9 percent), and metals (20.5 percent).
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Among major trade partners, sales went up to: EU countries (16.5 percent), mainly Germany (23.7 percent), Italy (17.1 percent) and France (2.1 percent); China (41.8 percent); Japan (39.3 percent); and the US (3.2 percent).
Imports went up 16.3 percent to CHF 16.16 billion, boosted by an increase in purchases of chemical and pharmaceutical products (35.2 percent), machinery and electronics (12.1 percent), vehicles (5 percent), metals (19 percent), food, beverages and tobacco (6.2 percent), and textiles, clothing, footwear (23 percent).
Among major trade partners, purchases went up from: EU countries (21.6 percent), mainly Germany (25.5 percent) and France (22.3 percent); and China (10.2 percent). Imports from the US dropped 22.6 percent.
In the January-May period, the trade surplus widened to CHF 16.17 billion from CHF 15.11 billion in the same period of 2016.