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Financial News: Swiss Trade Surplus Grows In January

Swiss Trade Surplus Grows In January

02/20/2024 - 02:39:00 (RTTNews)

(RTTNews) - Switzerland's foreign trade surplus increased in January from a month earlier as imports fell faster than exports, data from the Federal Customs Administration showed on Tuesday.

The trade surplus rose to CHF 2.8 billion in January from CHF 1.3 billion in December.

In real terms, exports dropped 0.4 percent over the month, reversing a 1.1 percent increase in December. Imports fell 4.3 percent after rising 2.2 percent in the prior month.

Shipments of machines and electronics contracted 2.9 percent over the month, while those of jewellery items showed a positive growth of 6.1 percent.

In nominal terms, both exports and imports slide by 1.6 percent and 9.3 percent, respectively.

According to the Federation of the Swiss Watch Industry, watch exports rose 3.1 percent year-on-year in January. Watches made from precious metals accounted for most of the increase.

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