Switzerland's trade surplus narrowed to CHF 4.0 billion in November 2024, down from a record CHF 6.0 billion in October.
Switzerland's trade surplus narrows in November
Exports fell 11% month-on-month to CHF 21.7 billion, driven by declines in chemical and pharmaceutical products (-15.2%), food and beverages (-11.5%), and machinery and electronics (-8.3%). Demand also weakened significantly from several trading partners, including Slovenia (-49.2%), Egypt (-23.3%), South Africa (-19.3%), and the UK (-18.2%). Imports decreased by a more modest 3.6% to CHF 17.8 billion, reflecting lower purchases of chemical and pharmaceutical products (-10.4%), jewelry (-9%), and watches (-4.2%).
Swiss trade surplus grows as imports drop from key partners
Notable declines in imports came from Hong Kong (-36.6%), Slovenia (-22.7%), and Russia (-15.1%). For the January-November period, the trade surplus expanded to CHF 43.3 billion, up from CHF 33.8 billion in the same period last year.
