Swiss Trade Surplus Narrows in August

Switzerland’s trade surplus narrowed to CHF 5.6 billion in August 2026 from a record CHF 8.1 billion in the previous month. Imports fell 11.6% month-on-month to a one-year low of CHF 17.4 billion, almost entirely due to a sharp drop in purchases of chemical and pharmaceutical products (-35.8%), led by medicinal products, antisera and vaccines. Imports from Europe recorded the steepest decline at 7.5%, led by a sharp 49.9% drop in imports from Slovenia. Elsewhere, purchases from Asia (-1.2%) and North America (-2.7%) also fell. Meanwhile, exports dropped 17.2% from a month earlier to a four-month low of CHF 23.1 billion, weighed down by lower shipments of chemical and pharmaceutical products (-32.2%) and watches (-7.2%). Exports to North America slumped 31%, led by a 31.2% drop in shipments to the US. Shipments to Asia (-18.9%) and Europe (-9.1%) also declined.

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%).