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Financial News: Swiss Exports Continue To Fall In May

Swiss Exports Continue To Fall In May

06/18/2020 - 08:26:00 (RTTNews)

(RTTNews) - Switzerland's exports declined for the fourth straight month, though at a softer pace in May, data from the Federal Customs Administration showed on Thursday.

Exports decreased by a real 0.2 percent month-on-month in May, following a 9.9 percent fall in April.

Imports grew 13.0 percent monthly in May, after a 17.5 percent fall in the previous month.

The biggest decline was seen in the exports of chemical-pharmaceutical products in May. Imports of vehicles increased for the first time in four months.

In nominal terms, exports fell 1.2 percent in May and imports increased 9.8 percent.

The trade surplus decreased to CHF 2.81 billion in May from CHF 4.23 billion in the previous month.

According to the Federation of the Swiss Watch Industry, watch exports dropped 67.9 percent year-on-year in May after an 81.3 slump in April.

In the first five months of the year, watch exports decreased 35.8 percent year-on-year.

Demand from the US, Japan, France, Singapore and the UK declined by over 70 percent.

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