FX.co ★ Swiss Trade Surplus Smallest in 4 Months

Switzerland's trade surplus contracted to CHF 2.8 billion in September 2025, down from a revised CHF 3.8 billion in August. This represents the smallest trade surplus since May, attributed to a notable 9.4% month-on-month increase in imports, totaling CHF 19.9 billion. The surge was primarily driven by significant purchases of chemical-pharmaceutical products, which rose by 34.2%, and costume jewelry goods, which increased by 19.5%. Importantly, imports from Russia saw an extraordinary rise of 491.9%, and South Korea experienced a 245% upturn, contrasting sharply with a 21.4% drop in imports from non-Eurozone countries. Conversely, exports expanded at a more moderate rate of 3.4%, reaching CHF 22.8 billion, propelled by heightened sales of vehicles (21.8%), costume and fine jewelry (17.3%), and paper and graphic products (11.4%). Notably, exports to the United States surged by 44.8%, underscoring strong demand for Swiss goods despite the imposition of a substantial 39% tariff by President Donald Trump. In contrast, exports to Slovenia, Poland, and Canada declined by 29.6%, 24.1%, and 18.1%, respectively.