Switzerland Trade Surplus Hit Record High in February

Switzerland trade surplus increased to CHF4.07 billion in February of 2016 from CHF2.29 billion a year earlier and beating market consensus, as exports rose while imports fell. It is the highest surplus on record as exports grew 3.7 percent and imports dropped 2.6 percent.
AFD l Rida Husna | rida@tradingeconomics.com 3/22/2016 1:40:19 PM
Exports in Switzerland increased 8.8 percent year-on-year to CHF17.62 billion in February of 2016, mainly driven by chemicals and pharmaceuticals (+19.2 percent). Sales also rose for: textiles, clothing and footwear (+15 percent), precision instruments (+9.4 percent); food, beverages and tobacco (+8.8 percent), plastics (+8.5 percent) and vehicles (+6.2 percent). In contrast, exports fell for: jewelry (-5.4 percent), watchmaking (-3.3 percent) and paper & graphic products (-2.5 percent). 

Sales increased  to Europe (+1.0 percent), the EU countries (+1.7 percent), Asia (+0.2 percent), other Asian countries (+30.4 percent, including China: +35.7 percent), North America (+18.4 percent, including the US: +23.4 percent), Latin America (+7.0 percent) and Africa (+63.3 percent). In contrast, outbound shipments dropped to the Middle East (-4.7 percent) and Oceania (-1.6 percent, including Australia: -4.5 percent).

Imports in Switzerland  fell by 2.6 percent to CHF 13.55 billion in February of 2016, mainly due to chemical and pharmaceutical products (-14.3 percent). Purchases also declined for: energy products (-27.6 percent), vehicles (-7.8 percent), jewelry (-6.6 percent) and watchmaking (-2.2 percent). In contrast, purchases rose for: plastics (+14.5 percent), textiles (+11.3 percent), precision instruments (+8.6 percent), paper & graphic products (+7.9 percent), metal products (+5.5 percent), food and beverages (+5.3 percent) and machinery and electronics (4.2 percent).

In January, the country registered a marginally revised CHF3.509 billion trade surplus.

Switzerland Trade Surplus Hit Record High in February