FX.co ★ Swiss Trade Surplus Narrows in December

In December 2025, Switzerland experienced a contraction in its trade surplus, which decreased to CHF 3 billion from a revised CHF 3.9 billion in November. This change was due to a 1% month-on-month reduction in imports, totaling CHF 19.5 billion. The decline was largely attributed to a decrease in chemical and pharmaceutical products by 1.4%, which counterbalanced increases in purchases of machinery, electronics, equipment (up by 1.3%), and food-related products (up by 1.1%). Additionally, imports from European countries shrank by 2%, including a 1.4% drop from the Eurozone and a 3.5% decline from non-Eurozone countries.

Exports showed a more substantial decline, decreasing by 4.5% month-on-month to CHF 22.5 billion. This was predominantly due to a significant reduction in chemical and pharmaceutical product sales, which plummeted by 10.7%. Notably, exports to the United States fell sharply by 22.4%, reversing a 7.6% increase seen in November. Despite this downturn, Switzerland's exports to the US achieved a record high of CHF 54.7 billion for 2025, marking a 3.9% increase overall. This growth occurred despite a 39% tariff imposed by President Trump, the most substantial among advanced economies.

Over the entire year, Switzerland’s trade surplus amounted to CHF 54.3 billion, underpinned by a 1.4% rise in exports and a 4.5% increase in imports.