FX.co ★ Swiss Trade Surplus Smallest Since 2022

Switzerland’s trade surplus narrowed to CHF 1.4 billion in September 2026, down from a downwardly revised CHF 5.4 billion in August. This was the smallest surplus since November 2022, as imports surged 24.9% month-on-month to CHF 21.9 billion, their highest level in more than a year. The jump in imports was driven mainly by an 87.8% spike in purchases of chemical and pharmaceutical products. By region, imports from Europe increased 21.7%, while those from North America and Asia rose 28.6% and 2.4%, respectively.

Exports grew more modestly, rising 1.5% month-on-month to CHF 23.3 billion. The increase was supported by higher shipments of chemical and pharmaceutical products (+0.5%) and watches (+1.6%). Exports to Asia advanced 14.8%, and those to North America climbed 11.2%, whereas exports to Europe declined 4.3%.

Over the third quarter of 2026 as a whole, Switzerland’s trade surplus widened to CHF 14 billion from CHF 13.2 billion in the previous quarter, as both exports (CHF 75 billion vs CHF 73.1 billion) and imports (CHF 61 billion vs CHF 60 billion) increased.