Switzerland Posts Largest Trade Surplus in 5 Months

Switzerland’s trade surplus widened to CHF 4.4 billion in February 2026, from a downwardly revised CHF 3.5 billion in January, marking the largest surplus since August 2025. Exports fell 2.7% month-over-month to CHF 22.2 billion, with declines recorded in nine of the ten main product groups. The largest drops were in chemical and pharmaceutical products (-3.1%) and machinery, electronics, and equipment (-2.6%), while watch exports (1.3%) were the only segment showing growth and continuing a five-month upward trend. Regionally, exports to Europe (-3.5%) and Asia (-12%) declined, while exports to North America surged 19.4%, led by the US (21.2%). Meanwhile, imports dropped even more sharply, falling 8.3% month-on-month to CHF 17.8 billion, primarily weighed down by a 23.5% slump in chemical and pharmaceutical products. Imports contracted across all major regions, namely Europe (-10.4%), North America (-27.7%), and Asia (-8.9%).

Switzerland’s trade surplus widened to CHF 3.6 billion in January 2026, from a downwardly revised CHF 2.9 billion in December, as exports rose while imports decreased. Exports grew 2.3% month-on-month to CHF 23.0 billion, driven mainly by chemical and pharmaceutical exports, which rose 4.9% after a 10.6% decline in December. Exports of machinery, electronics, and equipment also increased (2.0%). By destination, shipments to Europe went up 5.3%, while exports to Asia (-3.5%) and North America (-7.2%) dropped. Specifically, exports to the US dropped 7.1%, despite a tariff cut on Swiss goods from 39% to 15% in mid-November. Meanwhile, imports decreased 0.9% to CHF 19.4 billion, largely due to reduced purchases of machinery, electronics, and equipment (-1.1%) and vehicles (-6.2%), which offset a modest rise in chemical and pharmaceutical imports (0.1%). Imports from Europe fell 0.2%, with purchases from Eurozone dropping 1.3% and those from non-Eurozone down 8.6%.

Switzerland’s trade surplus narrowed to CHF 3 billion in December 2025, from an upwardly revised CHF 3.9 billion in November. Imports fell 1% month-on-month to CHF 19.5 billion, driven by a decline in chemical and pharmaceutical products (-1.4%), which offset gains in machinery, electronics, and equipment (1.3%) and food, feed, and luxury food products (1.1%). Imports from Europe decreased 2%, with Eurozone countries down 1.4% and non-Eurozone countries falling 3.5%. Meanwhile, exports dropped 4.5% month-on-month to CHF 22.5 billion, primarily due to lower sales of chemical and pharmaceutical products, which fell 10.7%. Exports to the US declined 22.4%, reversing a 7.6% gain in November. However, US-bound exports for 2025 still rose 3.9% to hit a record CHF 54.7 billion, despite President Trump’s 39% tariff, which was the highest among advanced economies. For the full year, Switzerland’s trade surplus reached CHF 54.3 billion, with exports increasing 1.4% and imports rising 4.5%.