In the third quarter, Switzerland experienced a contraction in its foreign trade surplus, with exports dropping at a more pronounced rate than imports, as reported by the Federal Customs Administration on Thursday.
The trade surplus diminished to CHF 11.3 billion, down from CHF 12.6 billion in the preceding quarter. This represents a decrease from CHF 10.5 billion in the same period last year.
On a real basis, exports nosedived by 5.9% over the quarter, following a robust 3.2% recovery in the year's second quarter. Conversely, imports contracted at a milder rate of 0.9%, after a 1.3% decrease in the previous quarter.
In nominal terms, exports decreased by 4.3%, while imports saw a 2.9% reduction.
The surplus for September slightly dwindled to CHF 3.9 billion, compared to CHF 4.0 billion in August. Real exports fell by 3.5% month-on-month, while imports modestly increased by 0.6%.
Additionally, the Federation of the Swiss Watch Industry reported a precipitous decline in watch exports, which fell 12.4% year-on-year in September. The major contributors to this downturn were markets in China and Hong Kong, which together accounted for two-thirds of the decline.
