Switzerland posts largest trade surplus in five months

Switzerland’s trade surplus widened to CHF 5.3 billion in March 2025 from CHF 4.3 billion in the previous month, marking the largest surplus since October 2024. The strong reading was underpinned by a sharper rise in exports compared to imports, reflecting resilient external demand for Swiss goods despite a challenging global economic backdrop.

Switzerland posts largest trade surplus in five months

Exports surged by 12.6% from a month earlier to CHF 27.6 billion, buoyed mainly by robust sales of chemical and pharmaceutical products, which jumped 22.6%. This sector, a traditional pillar of Switzerland’s export economy, continued to benefit from strong global demand for medical and healthcare-related products. Notably, exports to the United States skyrocketed by 84.8%, reflecting heightened pharmaceutical shipments and possibly front-loaded orders amid ongoing trade policy uncertainty. Exports to Australia (up 30.6%), Mexico (up 14.3%), and Russia (up 13.8%) also posted significant gains, showcasing the diversified strength of Swiss trade ties beyond Europe.

Import figures

Meanwhile, imports rose by a solid 10.4% to CHF 22.3 billion, with the increase largely driven by purchases of chemical and pharmaceutical goods, which grew 29.4%, and paper and graphic products, which rose 12.4%. This indicates sustained demand for intermediate goods and materials critical for Switzerland’s manufacturing and production sectors. In terms of origin, imports from Slovenia soared by 73.5%, followed by strong increases from South Africa (54.8%), Spain (16.9%), and Italy (14.3%), suggesting that Switzerland’s supply chains remained diversified and resilient amid ongoing global logistical challenges.

Switzerland strong positioning in global trade

Overall, the data highlighted Switzerland’s strong positioning in global trade, with its high-value export base enabling it to maintain a solid external balance even as global economic conditions remain volatile. Analysts noted that the continued expansion in trade flows could support Swiss GDP growth in the coming quarters, particularly if global demand for healthcare, chemical, and specialty manufacturing products remains firm. However, some caution remains, as future trade performance could be vulnerable to shifts in global supply chains, currency fluctuations, and evolving trade policies among major economic powers.