Economy Swiss exports fall in July

The Swiss export industry sold fewer goods abroad in July. The decline in exports of pharmaceutical products in particular pushed exports into negative territory.

In total, exports amounted to 22.46 billion Swiss francs in July, as reported by the Federal Office for Customs and Border Security (FOCBS) on Tuesday. Seasonally adjusted, exports thus fell by 2.7 percent compared to the previous month. In real terms - i.e. adjusted for price changes - this resulted in a drop of 1.8 percent.

Following a subdued first quarter, foreign trade had picked up noticeably in the second quarter of the year. Despite the recent negative development, the Federal Office writes that the stagnation registered since April has been confirmed.

According to the FOCA, declining exports of chemical-pharmaceutical products accounted for 90 percent of the fall in exports in July. Immunological products and medicines in particular contributed to the decline.

Exports of metals (-4.1%) and watches (-1.5%) also fell - for the second time in a row. By contrast, exports of jewelry and jewelry goods, food and beverages as well as machinery and electronics developed positively.

Only North America up

Among the major sales markets, only North America (+1.7%) recorded growth. Exports to Europe fell by 3.6% and those to Asia by 3.7%. Japan was particularly noticeable here with a drop of 19.6%.

Meanwhile, imports amounted to CHF 18.36 billion in July, which corresponds to a nominal increase of 0.3% and stagnation in real terms.

The surplus in the trade balance thus amounted to CHF 4.10 billion, compared to CHF 4.90 billion in the previous month.

SDA