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Financial News: Swiss Exports Fall Sharply In Q2

Swiss Exports Fall Sharply In Q2

07/21/2020 - 08:07:00 (RTTNews)

(RTTNews) - Swiss exports declined sharply in the second quarter, data from the Federal Customs Administration showed on Tuesday.

Exports fell by a real 12.5 percent in the second quarter, compared to a 2.0 percent decrease in the first quarter.

Imports decreased 12.1 percent in the second quarter, following a 4.0 percent decline in the previous quarter.

In nominal terms, exports fell 11.5 percent quarterly and imports declined 16.0 percent in the second quarter.

The trade balance registered a record surplus of CHF 9.595 billion in the second quarter versus CHF 8.440 billion in the previous quarter. In the second quarter 2019, the trade surplus was CHF 6.152 billion.

In June, exports rose 7.9 percent monthly, after a 0.1 percent fall in May.

Imports increased 5.5 percent month-on-month in June, following a 13.9 percent rise in the prior month.

According to the Federation of the Swiss Watch Industry, watch exports declined sharply by 35.1 percent year-on-year in June.

In the first half of the year, watch exports decreased 35.7 percent year-on-year.

Demand from China increased sharply in June, while from Hong Kong, US, UK, Germany and Singapore declined.

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