Swiss Trade Surplus Narrows in December

2026-01-29 07:42 By Czyrill Jean Coloma 1 min. read

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%.



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Swiss Trade Surplus Narrows in December
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%.
2026-01-29
Swiss Trade Surplus Largest in 3 Months
Switzerland's trade surplus widened to CHF 3 billion in November 2025, from a downwardly revised CHF 2.5 billion in the previous month. This marked the largest surplus since August, as exports rose 1.6% month-over-month to CHF 22.8 billion, led by higher sales of chemical and pharmaceutical products (1.5%), machinery and electronics (1.5%), and watches (0.3%). Exports to the US grew 7.6%, rebounding from a 6.9% drop in October, following a recent Swiss-US agreement that cut US tariffs from 39% to 15% in exchange for a $200 billion investment pledge from Swiss companies and improved market access for certain American agricultural products. Meanwhile, imports fell 0.8% month-on-month to CHF 19.8 billion, mainly due to lower purchases of chemical and pharmaceutical products (–6.4%) and food and luxury food products (–1.2%). Imports from Europe declined 1.3%, with Eurozone countries down 1.4% and non-Eurozone countries falling 4.2%.
2025-12-18
Swiss Trade Surplus Smallest in 5 Months
Switzerland's trade surplus slightly narrowed to CHF 2.6 billion in October 2025, from a downwardly revised CHF 2.7 billion in the previous month. This marked the smallest surplus since May, as imports rose 0.2% month-on-month to CHF 19.9 billion, with purchases increasing for vehicles (5.5%) and metals (1%) while stalling for machinery and electronics. Imports from Europe increased 1.4%, with Eurozone countries up 0.8% and non-Eurozone countries jumping 11.8%. In contrast, imports from Asia fell 2.5%, led by declines from China and Japan. Meanwhile, exports declined 0.3% to CHF 22.5 billion, weighed down by lower sales of precision instruments (-3%) and jewelry (-13.6%). Exports to the US fell 5.5%, reversing a 42.1% surge in September, as the 39% tariff continued to curb demand before last week’s agreement. Swiss trade is expected to improve following the US agreement to cut tariffs to 15%, particularly benefiting manufacturers of watches, machinery, and precision instruments.
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