Swiss trade surplus narrows in September

Switzerland's trade surplus narrowed slightly in September 2024 to CHF 3.9 billion, down from a revised CHF4.0 billion the previous month, marking its smallest surplus since April.

Swiss trade surplus narrows in September

Exports dropped by 1.4% to CHF21.9 billion, driven by significant declines in key sectors like vehicles (-16.9%), jewelry (-12.9%), and watches (-12.6%). Additionally, demand from major trading partners, including Russia (-41.6%), Brazil (-30.4%), Japan (-26.5%), and South Africa (-24.2%), saw sharp declines.

On the import side, Switzerland experienced a more moderate 1.1% decrease, with imports totaling CHF18.0 billion. This drop was influenced by reduced purchases of chemical and pharmaceutical products (-5.9%), energy products (-2.5%), and paper and graphic materials (-0.4%). Imports from specific countries, such as Saudi Arabia (-38.5%), Slovenia (-33.1%), the UK (-23.7%), and South Korea (-21%), were notably lower. 

For the entire third quarter, the trade surplus shrank to CHF11.3 billion, down from CHF12.7 billion in the previous quarter

These fluctuations reflect broader shifts in global demand and supply chain disruptions, highlighting key vulnerabilities in Switzerland's export-driven economy.