FX.co ★ Swiss Trade Surplus Widens in April

In April 2025, Switzerland's trade surplus widened to CHF 6.3 billion from a revised CHF 5.4 billion in March, despite notable reductions in both exports and imports. Year-over-year, exports decreased by 9.2% to CHF 25.2 billion, largely due to a marked reduction in chemical-pharmaceutical products (-17.1%) and paper and graphic products (-3.3%). Exports to key partners showed significant declines, particularly to the US (-36.1%) as concerns over impending US tariffs intensified. Exports also fell considerably to Slovenia (-17.2%), Egypt (-17.2%), and Russia (-16.1%). On the import side, there was a sharper contraction, with a 15.6% year-over-year drop to CHF 18.9 billion. This was primarily attributed to decreased imports of chemical-pharmaceutical products (-32.6%), paper and graphic products (-13%), and energy sources (-13%). The most substantial declines in imports were from Slovenia (-60%), South Africa (-44.9%), Singapore (-39.7%), and Saudi Arabia (-37.5%).