Switzerland Trade Surplus Narrows in November


Switzerland trade surplus decreased to CHF 3.14 billion in November of 2015 from CHF 3.75 billion a year earlier and missing market consensus, as imports rose more than exports. 

Year-on-year, outbond shipments increased by 1.0 percent to CHF 18.27 billion in November, following an upwardly revised CHF 18.88 billion in a month earlier. Sales rose for: chemical and pharmaceutical industry (+6.8 percent); pharmaceutical, vitamins, diagnostics (+8.0 percent); agro-chemical products (+19.9 percent); essential oils, fragrance and aromas (+8.2 percent); electrical engineering and electronics (+2.4 percent); costumes and jewelry (+3.8 percent) and food and beverages (+5.7 percent). In contrast, sales declined for: raw materials and commodities (-7.5 percent); machinery and electronic industry (-5.2 percent); machinery industry (-8.6 percent); watchmaking (-5.6 percent); precision instruments (-1.8  percent); metallurgy (-4.7 percent); vehicles (-1.6 percent) and plastic industry (-1.7 percent).

Exports increased to Europe (+1.3 percent), the EU countries (+3.1 percent), Asia (+0.1 percent), North America (+7.7 percent, including to the US +12.4 percent) and Oceania (+8.1 percent). In contrast, outbond shipments fell to the Middle East countries (-6.2 percent) and Latin America (-17.7 percent).

Imports increased by 5.6 percent to CHF 15.11 billion, after registering a  revised CHF 14.79 billion in the preceding month. Purchases rose for: consumer goods (+16.5 percent) and capital goods (+3.8 percent). In contrast, inbound shipments declined for raw materials (-5.0 percent) and energy sources (-27.2 percent, including crude oils and basic products (-76.1 percent) and fuels (-21.1 percent).

In October, the country registered a downwardly revised CHF 4.08 billion trade surplus, the highest on record.

January to November 2015, exports dropped by 3.0 percent and imports declined by 7.1 percent. The trade balance during the period recorded a surplus of CHF 34.16 billion.

Switzerland Trade Surplus Narrows in November


Swiss Customs Administration | Rida Husna | rida@tradingeconomics.com
12/22/2015 11:12:20 AM