Switzerland Trade Surplus Hits Record High


Switzerland trade surplus widened to SF4.16 billion in October of 2015 from SF3.16 billion a year earlier and beating market consensus. It is the largest trade surplus on record, as imports fell more than exports.

In October, outbond shipments declined by 4.7 percent to SF18.85 billion, following an upwardly revised SF17.07 billion in September 2015. Sales decreased for all categories except chemical and pharmaceutical industry. Exports of machinery and electronic industry declined by 11.3 percent, followed by machinery industry (-11.0 percent), electrical engineering & electronics (-11.8 percent), watchmaking (-12.3 percent), precision instruments (-9.3 percent), metallurgy (-12.0 percent); cosyume & jewelry (-2.2 percent), food & beverages (-6.1 percent), vehicles (-9.2 percent),  plastics industry (-8.7 percent); textiles, clothing, footwear (-5.2 percent) and paper and graphic arts (-19.0 percent). In contrast, exports increased for: chemical & pharmaceutical industry (+3.4 percent).

Sales declined to Europe (- 7.4 percent), the EU countries (-6.1 percent), Asia (-0.5 percent) Latin America (-13.5 percent), Africa (-22.0 percent) and  Oceania (-21.6 percent). In contrast, outbond shipments rose 15.9 percent to the Middle East countries (+4.3 percent) and North America (+4.2 percent, including to the US +3.0 percent).

Imports dropped by 11.6 percent to SF 14.69 billion, after registering a downwardly revised SF13.83 billion a month earlier. Purchases fell for all categories: energy sources (-40.8 percent), including crude oils and basic products (-72.8 percent) and fuels (-33.7 percent). Imports of consumer goods declined by 8.4 percent, capital goods (-9.5 percent) and raw materials (-12.1 percent).

In September, the country registered an upwardly revised SF3.25 billion trade surplus.

From January to October 2015, exports dropped by 3.5 percent and imports declined by 8.4 percent. The trade balance during the period recorded a surplus of SF31.26 billion.

Switzerland Trade Surplus Hits Record High


Swiss Customs Administration l Rida Husna | rida@tradingeconomics.com
11/19/2015 11:53:55 AM