Financial News: Swiss Trade Surplus Shrinks In October

Swiss Trade Surplus Shrinks In October

11/21/2023 - 05:18:00 (RTTNews)

(RTTNews) - Switzerland's trade surplus decreased in October as exports fell faster than imports, data from the Federal Customs Administration showed on Tuesday.

The trade surplus dropped to CHF 3.4 billion in October from CHF 5.0 billion in September.

In real terms, exports fell 7.2 percent monthly in October, reversing a 3.8 percent rise in the previous month. The decline in imports deepened to 3.1 percent from 0.7 percent.

In nominal terms, both exports and imports slid by 10.7 percent and 4.9 percent, respectively.

According to the Federation of the Swiss Watch Industry, watch exports rose 5.1 percent year-on-year in October.

This stabilisation in the rate of growth to a significant but less steady pace than in the first half of the year took the cumulative growth over ten months to an increase of 8.3 percent compared with 2022, the FIH Said.

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