In the third quarter, exports of Swiss products rose 1.3 percent in seasonally adjusted terms to CHF 66.96 billion, the Federal Office of Customs and Border Security (BAZG) said on Thursday. This is a record.
“Made in Switzerland” goods are still sold abroad like hotcakes. BAZG commented that the positive trend observed since the second quarter of 2020 – namely the peak of the corona crisis – continues.
However, this does not apply to all types of goods. The growth driver was the chemical and pharmaceutical industry, which accounts for a good half of total exports. According to BAZG, immunological products were particularly in demand. Demand for Swiss watches also increased, reaching an all-time high.
On the other hand, the mechanical engineering, electrical and metals sectors had to deal with a tipper after seeing a marked upward trend in the first two quarters of the year. Exports contracted by 3.0 percent, especially with the machinery category falling above the average.
Looking at the most important sales regions, there is no uniform picture. According to BAZG, exports to Asia (+10.3%) increased significantly and to North America (+3.2%) slightly increased. Those who went to Europe fell by 4.4 percent.
Imports increased by 0.8 percent in the third quarter to 58.92 billion. This was a historic summit; However, according to the communiqué, growth tends to slow down from the middle of the year. It also fits that in real terms—that is, when adjusted for price changes—imports actually fell slightly in the quarter.
Automobile imports were prominent in imports. With CHF 2.7 billion, these recorded the highest import value since the fourth quarter of 2020.
Foreign trade figures for September match the general picture. In total, exports for the month amounted to CHF 22.76 billion. Thus, exports increased by 4.1 percent in seasonally adjusted terms compared to the previous month. In real terms – that is, adjusted for price changes – the result was a slight increase of just 0.4 percent.
Imports also increased slightly in September. They rose 2.2 percent to 19.98 billion (actual: +0.9%). As a result, the trade surplus rose to CHF 2.78 billion from CHF 2.30 billion in August. As a reminder: in February Switzerland had a record value of 5.5 billion for this important figure.
(SDA)