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Financial News: Swiss Trade Surplus Shrinks To CHF 2.2 Bln

Swiss Trade Surplus Shrinks To CHF 2.2 Bln

03/19/2024 - 03:47:00 (RTTNews)

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

The trade surplus dropped to CHF 2.2 billion in February from CHF 2.7 billion in January.

In real terms, exports rose 0.2 percent over the month, reversing a 0.5 percent decline in January. Imports also rebounded 3.8 percent after falling 3.9 percent in the prior month.

Shipments of food products grew 3.0 percent over the month, while those of jewellery items showed a sharp decline of 13.5 percent.

In nominal terms, both exports and imports increased by 0.1 percent and 2.9 percent, respectively.

According to the Federation of the Swiss Watch Industry, watch exports decreased 3.8 percent year-on-year in February. Moreover, this was the first decline in just over two years due to an unfavourable base effect and a more pronounced fall in Greater China, while other markets recorded a notable increase.

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