Swiss exports fell significantly at the start of 2025
Exports fall significantly at the start of the year
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Listening: Swiss exports fell significantly at the start of 2025
Swiss foreign trade slipped into negative territory in both directions at the start of 2025. This was mainly due to the chemical-pharmaceutical sector. Exports of machinery and electronics as well as watches, on the other hand, increased compared to December 2024.
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Exporte fallen zu Jahresbeginn deutlich zurück
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Exports amounted to a total of CHF22.7 billion ($25.1 billion) in January 2025, as reported by the Federal Office for Customs and Border Security on Thursday. Seasonally adjusted, exports fell by 6.9% compared to the previous month; in real terms (adjusted for price changes) this resulted in a decline of 3.9%. Exports had still risen sharply in December.
The chemical-pharmaceutical sector was the main factor behind the negative overall picture with a decline of 12.5%, according to the customs administration. The sector had set an export record in 2024 as a whole. The customs office speaks of a “distorted” overall picture.
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Pharmaceuticals account for 60% of all goods exported from Switzerland to the US.
Overall, seven of the eleven product groups reported higher exports. Jewelry and jewelry goods (+44%), watches (+2.7%) and machinery and electronics (+1.8%) were on the plus side. Watch exports rose to their highest level since August 2024.
The decline in exports was almost entirely limited to North America (-18%), the report continued. This was mainly due to the US and the pharmaceutical division. Exports to Europe (-0.6%) and Asia (-0.3%) were only just below the previous month’s level.
Imports in the month under review amounted to CHF18.7 billion, which corresponds to a nominal decline of 6.8% and a real decline of 1.9%.
The more significant decline in exports compared to imports caused the surplus in the trade balance to fall to CHF4.3 billion.
Translated from German by DeepL/jdp
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