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Financial News: Swiss Trade Surplus Grows In 2023 On Exports

Swiss Trade Surplus Grows In 2023 On Exports Rebound

01/30/2024 - 02:55:00 (RTTNews)

(RTTNews) - Switzerland's foreign trade surplus increased during the year 2023 compared to last year as exports rebounded amid a fall in imports, data from the Federal Customs Administration showed on Tuesday.

The trade surplus for 2023 was CHF 48.5 billion, up from CHF 42.8 billion in 2022.

In real terms, exports rose 2.5 percent in 2023 versus a 0.7 percent fall in the previous year.

Imports logged a decrease of 2.0 percent over the year, reversing a 1.0 percent gain in 2022.

In nominal terms, both exports and imports slid by 1.2 percent and 3.8 percent, respectively, compared to last year.

A 9.0 percent surge in metal shipments led to the rebound in exports, the agency said.

During the fourth quarter of 2023, the total trade surplus of the country shrank to CHF 8.1 billion from CHF 10.6 billion in the preceding three-month period.

Exports fell by a real 0.9 percent compared to the third quarter, and imports dropped by 1.3 percent.

In December, exports grew 1.1 percent monthly, following a 1.4 percent gain in November. Imports rose at a faster rate of 2.3 percent versus a 1.0 percent increase a month ago.

According to the Federation of the Swiss Watch Industry, watch exports climbed 5.5 percent year-on-year in December. In the whole year 2023, total watch exports registered a strong growth of 7.6 percent.

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