Swiss Trade Surplus Widens in October

Switzerland's trade surplus widened in October due to a fall in imports, the Federal Customs Administration reported.
FCA | Nuno Fontes | 12/12/2012 9:30:03 AM

For the first time this year, the food industry, beverages and tobacco took the centre stage with an increase of 15%, this is mainly due to soaring exports of beverages (35%) and coffee (23%). Precision instruments (Medical Devices: 18%) showed an identical evolution while watch exports increased by 13% to a 2012 monthly record of 2.1 billion francs. On the other hand, industrial machinery and electronics saw a decline in textile machinery (-22%) and engines (-9%).

With the exception of Africa (-7%), exports increased for all continents. The major export increases according to destination were: Brazil (33%), Canada (33%) and the United States (14%). This evolution was primarily driven by the export of chemicals and pharmaceuticals. Sales to Europe, Switzerland largest market, increased 8%.

In October 2012, exports totalled 18.6 billion Swiss francs. However, after seasonal adjustment, they show a month-on-month decline following five consecutive months increasing. The prices of exported goods soared 17.7% year on year. This outbreak was due to higher prices in jewellery.

Imports reached 15.8 billion francs. Increasing since July 2012, they have not been able to follow the trend in October and recorded a seasonally adjusted decline of 9.6%. It was recorded a major decline in imports from Oceania (-56%). Imports from Europe declined 2%.

Swiss Trade Surplus Widens in October