FX.co ★ Swiss Trade Surplus Smallest Since 2024

Switzerland’s trade surplus narrowed to CHF 2.7 billion in March 2026, down from a downwardly revised six-month high of CHF 4.4 billion in February. This marked the smallest surplus since February 2024, as imports jumped 10.1% month-on-month to a four-month high of CHF 19.6 billion. The increase was driven primarily by higher imports of chemical and pharmaceutical products (36.1%) and of machinery, electronics and equipment (1.6%). By region, imports rose most strongly from Europe (9.5%) and Asia (4.2%).

Exports, by contrast, edged up only 1% to CHF 22.4 billion. Growth in chemical and pharmaceutical shipments (3.6%) was largely offset by declines in exports of machinery, electronics and equipment (–2.9%) and watches (–5.4%). Regionally, exports to Europe (5.8%) and Asia (6.2%) increased, while deliveries to North America fell 16.2%, reflecting a 15.9% drop in exports to the United States after a strong 17.9% rise in February.

For the first quarter of 2026 as a whole, Switzerland posted a trade surplus of CHF 110.95 billion, with exports down 4.2% and imports declining 4.7%.