Switzerland's foreign trade surplus saw a significant increase in 2024 compared to the prior year, driven by unprecedented export growth and a decrease in imports, as reported by the Federal Customs Administration on Thursday.
The nation's trade surplus reached CHF 60.6 billion in 2024, an increase from CHF 48.3 billion in 2023.
In terms of nominal value, exports rose at a record pace of 3.2 percent in 2024, countering a 1.3 percent decline experienced in the previous year.
This remarkable export performance was primarily attributed to the robust chemicals and pharmaceuticals sectors, according to agency findings.
Exports of chemical and pharmaceutical products surged by 10.0 percent, with medication exports increasing by 7.7 percent. Conversely, after achieving record highs in prior years, jewelry exports decreased by 4.5 percent, and watch exports dropped by 2.8 percent.
In real terms, exports increased by 2.5 percent, while imports fell by 1.6 percent compared to the previous year.
Imports saw a 1.6 percent decrease over the year, easing from a 3.8 percent gain in 2023.
In the fourth quarter of 2024, Switzerland's total trade surplus expanded to CHF 15.1 billion from CHF 11.1 billion in the earlier three-month period.
Exports rose by a real 7.2 percent compared to the third quarter, while imports edged up by 0.8 percent.
In December, exports increased by 5.1 percent on a monthly basis, recovering from a 7.7 percent decline in November. Imports decreased at a slower rate of 1.6 percent, compared to a 2.0 percent decrease the previous month.
According to the Federation of the Swiss Watch Industry, watch exports fell by 5.4 percent year-on-year in December. Throughout 2024, total watch exports experienced a 2.8 percent decline compared to 2023.
