Financial News: Swiss Exports Rise 2.5% In January

Swiss Exports Rise 2.5% In January

02/21/2023 - 07:52:00 (RTTNews)

(RTTNews) - Switzerland's exports increased for the second consecutive month in January on the back of strong demand for chemical and pharmaceutical items, data from the Federal Customs Administration showed on Tuesday.

Exports climbed by a real 2.5 percent monthly in January, following the 5.6 percent gain in the previous month.

Meanwhile, imports rose only 0.2 percent over the month, following a 0.3 percent gain in December.

In nominal terms, both exports and imports increased by 2.2 percent and 0.9 percent, respectively.

The overall upturn in exports in January was largely led by the 6.1 percent rise in outflows of chemical and pharmaceutical items, the agency said. This was followed by a 4.0 percent increase in shipments of precision instruments.

However, the growth in exports was largely curbed by a 13.1 percent lower foreign demand for jewellery items.

Switzerland's main imported item in January was energy products, rising 13.1 percent over the year.

Due to higher exports than imports, the trade surplus advanced to CHF 3.12 billion in January from CHF 2.82 billion in the previous month.

According to the Federation of the Swiss Watch Industry, watch exports grew 8.6 percent year-on-year to CHF 1.9 billion in January.

Watches made from precious metals continued to attract strong demand, which grew 13.1 percent, contributing almost half the growth in January.

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