Swiss trade surplus nearly doubles

Switzerland's trade surplus widened sharply to CHF 4.3 billion in June 2025, nearly doubling from an upwardly revised CHF 2.2 billion in May. The expansion was driven by a robust rebound in exports, which surged 8.6% month-over-month to CHF 23 billion.

The increase reflected strong international demand across several key sectors, notably vehicles (+19.1%), chemical-pharmaceutical products (+14.8%), and precision instruments (+4.8%), underscoring Switzerland’s continued strength in high-value manufacturing and advanced industries.

Regionally, the most pronounced gains in export growth were seen in European markets, with shipments to Slovenia soaring by 75.8%, to the Czech Republic by 61.4%, and to Ireland by 51.6%, pointing to growing integration and demand within the EU trade corridor. Notably, Swiss exports to the United States jumped 26.9% in June, marking a sharp recovery from the 43.8% plunge recorded in May.

The rebound followed the preliminary approval of a long-awaited draft trade agreement between the two countries, which investors see as a key step toward easing tariff barriers. Final ratification is still pending a sign-off from President Donald Trump, but markets are optimistic the deal will be formalized soon.

On the import side, Switzerland saw a moderate decline of 1.5% to CHF 18.7 billion, reflecting softening inbound flows of several key goods. Imports of chemical-pharmaceutical products fell 6.6%, while paper and graphic products declined by 3.6%, and energy sources dropped 2.7%, possibly due to lower seasonal demand or price effects.

The steepest declines in import volumes came from Saudi Arabia (-73.5%), South Korea (-65.7%), and Slovenia (-44%), potentially reflecting one-off fluctuations, inventory adjustments, or shifting supply chain patterns.

Overall, the strong export performance combined with easing import levels boosted Switzerland’s trade balance to its highest level since early 2023. The data suggests resilient external demand for Swiss goods despite broader global uncertainties, and may support GDP growth in the second half of the year—particularly if the US trade deal is finalized and sustained demand from key EU markets continues.