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Financial News: Swiss Trade Surplus Falls Slightly; Watch Exports Decline

Swiss Trade Surplus Falls Slightly; Watch Exports Decline Slows

08/20/2020 - 02:47:00 (RTTNews)

(RTTNews) - Switzerland's trade surplus fell slightly in July with both exports and imports growing at slower rates, while the pace of decline in watch exports eased sharply after poor performance in the previous few months due to the impact of the coronavirus pandemic on global trade.

The trade surplus modestly decreased to CHF 2.58 billion from CHF 2.74 billion in June, data from the Swiss Federal Customs Administration showed Thursday.

In real terms, exports grew for a second straight month, up 2.3 percent year-on-year after a 8.1 percent increase in the previous month. Imports rose for a third month, up 1.1 percent following a 5.1 percent climb in June.

The results remained sharply below the monthly levels in the same period last year, the agency said.

Passenger car imports continued to gain traction and demand for chemicals and pharmaceuticals increased.

Exports to Asia and North America grew by 5 percent each, the agency said.

Elsewhere, data from the Federation of Swiss Watch Industry reported that watch exports declined 17 percent year-on-year in July, which was much slower than the 35.1 percent fall logged in June.

Demand from China posted a second consecutive month of very strong growth, 59.1 percent, signaling the early recovery in this market and the gradual resumption of domestic rather than foreign sales.

Exports to the United States were stable with a modest fall of 0.6 percent. Shipments to Hong Kong, Germany, Italy, France and Japan decreased. Meanwhile, demand from the UK grew 2.5 percent.

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