FX.co ★ Swiss Trade Surplus Grows In Q2 On Strong Exports

Switzerland's foreign trade surplus expanded in the second quarter, driven by an increase in exports alongside a decline in imports, according to data released by the Federal Customs Administration on Thursday.

The trade balance climbed to CHF 12.4 billion in the second quarter, up from CHF 9.4 billion in the first quarter. For comparison, the surplus in the same period last year was CHF 9.05 billion.

Export growth, in real terms, accelerated to 3.5 percent in the June quarter from 1.1 percent in the previous quarter. Simultaneously, imports decreased by 0.8 percent, contrasting with a 1.6 percent recovery in the first quarter.

In nominal terms, exports increased by 6.6 percent, achieving a new record high in the June quarter, according to the agency.

In the month of June, the trade surplus rose to CHF 4.9 billion from CHF 4.2 billion in May. Export figures showed a 1.2 percent monthly increase, while imports saw a decline of 2.2 percent.

Additionally, a report by the Federation of the Swiss Watch Industry indicated that watch exports fell by 7.2 percent year-on-year to CHF 2.3 billion in June. There was also a 3.3 percent drop in sales during the first half of this year compared to the same period in 2023.