FX.co ★ Swiss Exports Fall In July

Switzerland's exports declined for the first time in four months in July, data from the Federal Customs Administration showed on Thursday.

Exports fell by a real 2.9 percent month-on-month in July, reversing a 1.0 percent increase in June.

Imports decreased at a faster pace of 3.4 percent over the month, following a 1.2 percent drop in June.

In nominal terms, both exports and imports slid by 4.3 percent and 4.2 percent, respectively, in July from a month ago.

The latest fall in exports was primarily due to lower outflows of jewelry, machinery and electronic items, chemical and pharmaceutical items.

At the same time, exports of paper and graphic products grew significantly by 94.3 percent.

The trade surplus shrank to CHF 2.417 billion in July from CHF 2.532 billion in June.

According to the Federation of the Swiss Watch Industry, watch exports rose 8.3 percent year-on-year in July. This was the highest monthly result achieved since the record performance of October 2014.