FX.co ★ Swiss Trade Surplus Narrows in August

In August 2025, Switzerland's trade surplus diminished to CHF 3.9 billion, compared to CHF 4.2 billion in the preceding month, marking the lowest figure recorded in three months. Exports saw a decline of 1.0% from the previous month, totaling CHF 22.0 billion. This downturn was largely due to decreased sales in watches and jewelry, which fell by 8.6% and 7.5%, respectively. Exports to the United States dropped significantly by 22.1% (-CHF 873 million), hitting their lowest point since late 2020. This decrease was primarily attributed to the enduring effects of Washington's 39% tariff on Swiss products, recognized as one of the world's most substantial trade barriers. Conversely, exports to European markets experienced a 1.6% increase, with Austria, Poland, and France showing notable growth rates of 43.2%, 37.2%, and 23.9%, respectively. On the import side, there was a slight rise of 0.4%, bringing the total to CHF 18.1 billion, driven by higher acquisitions in energy (up 11.6%), vehicles (up 2.7%), and chemical-pharmaceutical products (up 0.5%). Among Switzerland's suppliers, Austria and Slovenia reported significant upticks, at 13.9% and 23.7%, respectively, while Germany faced a sharp decline of 6.8%, the largest since December 2020.