Financial News: Swiss Trade Surplus Shrinks In August

Swiss Trade Surplus Shrinks In August

09/19/2024 - 02:46:00 (RTTNews)

(RTTNews) - Switzerland's foreign trade surplus decreased somewhat in August amid continued fall in exports, data from the Federal Customs Administration showed on Thursday.

The trade surplus dropped to CHF 3.9 billion in August from CHF 4.1 billion in July.

In real terms, exports fell 0.2 percent over the month, though slower than the 1.5 percent decrease in July. Imports slid 0.8 percent versus a 0.4 percent decline in the prior month.

In nominal terms, both exports and imports dropped by 1.2 percent and 0.1 percent, respectively.

Shipments of metals decreased by 9.3 percent over the month, and those of jewelry items plunged by 8.2 percent.

According to the Federation of the Swiss Watch Industry, watch exports rose 6.9 percent year-on-year in August. The growth was mainly driven by more demand for watches made from precious metals, the FIH said.

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