Swiss trade surplus smallest in five months

Switzerland's trade surplus slightly narrowed to CHF 2.6 billion in October 2025, from a downwardly revised CHF 2.7 billion in the previous month.

This marked the smallest surplus since May, as imports rose 0.2% month-on-month to CHF 19.9 billion, driven primarily by higher purchases of machinery and electronics (0.03%), vehicles (5.5%), and metals (1%).

Imports from Europe increased 1.4%, with Eurozone countries up 0.8% and non-Eurozone countries jumping 11.8%. In contrast, imports from Asia fell 2.5%, led by declines from China and Japan.

Meanwhile, exports declined 0.3% to CHF 22.5 billion, weighed down by lower sales of precision instruments (-3%) and jewelry (-13.6%). Exports to the US fell 5.5%, reversing a 42.1% surge in September, as the 39% tariff continued to curb demand before last week’s agreement.

Swiss trade is expected to improve following the US agreement to cut tariffs to 15%, particularly benefiting Swiss manufacturers of watches, machinery, and precision instruments.