Swiss Trade Surplus Hit Record Peak

Switzerland's trade surplus widened to CHF 8.1 billion in July 2026 from CHF 3.8 billion in the previous month, marking the largest surplus since records began in January 1950. Exports jumped 13.8% month-on-month to a more than one-year high of CHF 27.8 billion, driven by a sharp rebound in chemical and pharmaceutical products (25.7%) and a second consecutive monthly increase in watch exports (5.8%). Shipments to Europe surged 22.9%, led by strong growth in exports to Slovenia (127.5%), Italy (25.5%), and Germany (6.7%). However, exports to North America retreated 3%, with sales to the US and Canada falling 1.8% and 15.1%, respectively. Meanwhile, imports fell 4.5% from a month earlier to a three-month low of CHF 19.6 billion, weighed down by declines in chemical and pharmaceutical products (-10.2%) and vehicles (-6%). By region, imports from Europe decreased 3.4%, while purchases from Asia and Central and South America fell 3.4% and 8.4%, respectively.

Switzerland’s trade surplus narrowed to CHF 3.8 billion in June 2026 from a downwardly revised CHF 5.5 billion in the previous month. Exports fell 4.3% year-on-year to CHF 24.3 billion, weighed down by lower sales of chemical and pharmaceutical products (-8.5%), machinery, electronics, and appliances (-0.3%), electricity (-6.9%), and textiles, clothing, and footwear (-1.6%). Exports to Europe declined 9.4%, with notable decreases in shipments to Slovenia (-27.8%), Belgium (-20.7%), and France (-5.1%), while exports to North America rose 9.2%, led by Canada (+18.4%) and the US (+8.6%). Meanwhile, imports increased 3.3% to CHF 20.5 billion, driven largely by higher purchases of chemical and pharmaceutical products (+10.7%), energy carriers (+1.3%), and paper and cardboard products (+2.0%). By region, imports from Asia rose 7.3%, supported by stronger inflows from the UAE (+32.5%), Hong Kong (+13.1%), Saudi Arabia (+36.9%), and Singapore (+15.1%).

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%).