Financial News: Swiss Trade Surplus Grows In 2024 On Record

Swiss Trade Surplus Grows In 2024 On Record Exports

01/30/2025 - 03:56:00 (RTTNews)

(RTTNews) - Switzerland's foreign trade surplus increased notably during the year 2024 compared to last year amid a new record growth in exports while a fall in imports, data from the Federal Customs Administration showed on Thursday.

The trade surplus for 2024 was CHF 60.6 billion, up from CHF 48.3 billion in 2023.

In nominal terms, exports rose at a record rate of 3.2 percent in 2024 versus a 1.3 percent fall in the previous year.

However, this record was achieved almost exclusively thanks to the chemicals and pharmaceuticals sector, the agency said.

Exports of chemical and pharmaceutical products alone grew 10.0 percent, and those of medicines climbed by 7.7 percent. Meanwhile, after record results in recent years, exports of jewelry fell by 4.5 percent and those of watches by 2.8 percent.

In real terms, exports climbed 2.5 percent, while imports slid by 1.6 percent compared to last year.

Imports logged a decrease of 1.6 percent over the year, though slower than the 3.8 percent gain in 2023.

During the fourth quarter of 2024, the total trade surplus of the country rose to CHF 15.1 billion from CHF 11.1 billion in the preceding three-month period.

Exports climbed by a real 7.2 percent compared to the third quarter, and imports were 0.8 percent higher.

In December, exports grew 5.1 percent monthly, reversing a 7.7 percent fall in November. Imports dropped at a slower rate of 1.6 percent versus a 2.0 percent decrease a month ago.

According to the Federation of the Swiss Watch Industry, watch exports declined 5.4 percent year-on-year in December. In the whole year 2024, total watch exports registered a decrease of 2.8 percent compared with 2023.

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