In October, Switzerland experienced a modest contraction in its foreign trade surplus, despite an uptick in exports, as reported by the Federal Customs Administration on Tuesday.
The trade surplus advanced to CHF 5.97 billion from CHF 4.03 billion in September.
When adjusted for inflation, exports surged by 11.2% for the month, overturning a 2.3% decline noted in September. Imports maintained a consistent growth rate of 0.7%.
In nominal terms, exports and imports increased by 10.2% and 1.8%, respectively.
The expansion in exports was predominantly fueled by the chemicals and pharmaceuticals sector, which saw a 21.5% rise compared to the previous month.
Jewelry shipments escalated by 28.5%, while vehicle exports climbed by 23.8%.
Conversely, the Federation of the Swiss Watch Industry reported that watch exports dropped by 2.2% year-over-year in October, with the decline largely attributable to a 7.6% reduction in steel watch shipments.
