Financial News: Swiss Trade Surplus Grows On Sharp Export Recovery

Swiss Trade Surplus Grows On Sharp Export Recovery

11/19/2024 - 02:46:00 (RTTNews)

(RTTNews) - Switzerland's foreign trade surplus decreased somewhat in October amid a surge in exports, data from the Federal Customs Administration showed on Tuesday.

The trade surplus rose to CHF 5.97 billion in October from CHF 4.03 billion in September.

In real terms, exports jumped 11.2 percent over the month, reversing a 2.3 percent decrease in September. Imports increased at a stable rate of 0.7 percent.

In nominal terms, both exports and imports grew by 10.2 percent and 1.8 percent, respectively.

The export growth was mostly from the chemicals and pharmaceuticals segment, which grew 21.5 percent from last month.

Shipments of jewelry items increased by 28.5 percent over the month, and those of vehicles rose by 23.8 percent.

According to the Federation of the Swiss Watch Industry, watch exports dropped 2.2 percent annually in October. The overall decline was mainly driven by 7.6 percent lower shipments of steel watches.

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