FX.co ★ Swiss Trade Surplus Smallest in 5 Months

In October 2025, Switzerland's trade surplus slightly decreased to CHF 2.6 billion, down from a revised CHF 2.7 billion in September, marking the smallest surplus since May. Imports rose by 0.2% month-on-month to reach CHF 19.9 billion, primarily driven by increased purchases in machinery and electronics (0.03%), vehicles (5.5%), and metals (1%). Imports from Europe grew by 1.4%, with a 0.8% rise from Eurozone countries and a substantial 11.8% jump from non-Eurozone countries. Conversely, imports from Asia decreased by 2.5%, primarily due to reduced trade with China and Japan. During the same period, exports declined by 0.3% to CHF 22.5 billion, largely impacted by lower sales of precision instruments (-3%) and jewelry (-13.6%). Exports to the United States dropped by 5.5%, following a significant 42.1% increase in September, as the continued 39% tariff dampened demand before a recent trade agreement was reached. Swiss trade is anticipated to improve as the United States agreed to reduce tariffs to 15%, which is expected to particularly benefit Swiss producers of watches, machinery, and precision instruments.