Swiss Trade Surplus Widens to Over 1-Year High

Switzerland’s trade surplus widened sharply to CHF 5.6 billion in May 2026 from an upwardly revised CHF 3.3 billion in the previous month, marking the largest surplus since April 2025. Exports climbed 13.4% month-on-month to a more than one-year high of CHF 25.4 billion, driven mainly by chemical and pharmaceutical products (25.7%) and jewellery and precious metal goods (14.7%), despite a 4% decline in watch. Exports to Europe rose the most, up 18.5%, with shipments to Slovenia more than doubling (111.8%), while exports to North America increased 10.3%, led by the US (11.5%). Meanwhile, imports rose 3.4% from a month earlier to a three-month high of CHF 19.8 billion, led by higher purchases of chemical and pharmaceutical products (11.7%) and machinery, electronics and equipment (1.1%). By region, imports increased from Europe (5.9%) and the US (11.2%). In contrast, imports declined from Asia (-2.6%), led by China (-4.3%), Japan (-19.6%), and Hong Kong (-24.4%).

Switzerland's trade surplus widened to CHF 3.2 billion in April 2026 from a downwardly revised and more-than-two-year low of CHF 2.6 billion in the previous month. Exports edged up 0.1% month-over-month to a three-month high of CHF 22.3 billion, as the decline in chemical and pharmaceutical products (-3.1%) was offset by stronger shipments of machinery, electronics and equipment (5.5%) and watches (5%). By destination, exports to Asia climbed 9.8%, while shipments to North America surged 16.2%. However, exports to Europe slumped by 11.6%, with shipments to EU countries falling 12.3%. Meanwhile, imports dropped 3.0% month-over-month to CHF 19.0 billion, mainly due to lower purchases of chemical and pharmaceutical products (-16.2%) and food, feed, and beverages (-1.3%). By region, the decline was led by lower imports from Europe (-1.1%), while arrivals from North America (7%) and Asia (4.4%) posted growth.

Switzerland’s trade surplus narrowed to CHF 2.7 billion in March 2026, from a downwardly revised six-month high of CHF 4.4 billion in the prior month. It marked the smallest surplus since February 2024, as imports climbed 10.1% month-on-month to a four-month high of CHF 19.6 billion, driven mainly by higher purchases of chemical and pharmaceutical products (36.1%) and machinery, electronics and equipment (1.6%). Imports rose the most from Europe (9.5%) and Asia (4.2%). Meanwhile, exports rose just 1% to CHF 22.4 billion, with watch shipments slipping 5.4% as the sector grappled with disruptions in the Middle East and persistently high precious metal costs. Regionally, exports to Europe (5.8%) and Asia (6.2%) increased, while shipments to North America dropped 16.2%, driven by a 15.9% fall in exports to the US after a strong 17.9% growth in February. For the Q1 2026, Switzerland recorded a trade surplus of CHF 110.95 billion, with exports falling 4.2% and imports declining 4.7%.