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Financial News: Swiss Exports Fall In Q2

Swiss Exports Fall In Q2

07/19/2022 - 03:29:00 (RTTNews)

(RTTNews) - Switzerland's trade surplus decreased in the second quarter, as imports rose and exports fell, data from the Federal Customs Administration showed on Tuesday.

Exports fell 0.5 percent sequentially in the June quarter, reversing a 1.5 percent rebound in the March quarter.

Meanwhile, imports logged 0.6 percent growth in the second quarter, after a 1.1 percent gain in the previous quarter.

The trade surplus shrank to CHF 7.612 billion in the June quarter from CHF 8.376 billion in the previous three-month period.

In nominal terms, exports rose 0.9 percent sequentially in the June quarter. At the same time, imports grew at a much faster pace of 2.4 percent.

On a monthly basis, exports rose a seasonally adjusted 0.9 percent in June, slower than the 2.9 percent growth in May.

Meanwhile, imports declined 1.0 percent from May, when they increased sharply by 7.7 percent.

According to the Federation of the Swiss Watch Industry, watch exports grew 8.1 percent year-on-year in June.

In the first half of this year, watch exports totaled CHF 11.9 billion, a 11.9 percent increase from the same period last year.

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