Switzerland’s trade surplus widened to CHF 4.4 billion in February 2026 from a downwardly revised CHF 3.5 billion in January, reaching its highest level since August 2025. Exports declined 2.7% month-on-month to CHF 22.2 billion, with nine of the ten main product categories recording decreases. The sharpest drops were seen in chemical and pharmaceutical products (-3.1%) and in machinery, electronics, and equipment (-2.6%). In contrast, watch exports rose by 1.3%, extending their upward trend for a fifth consecutive month.
By destination, exports to Europe (-3.5%) and Asia (-12%) fell, while shipments to North America surged 19.4%, driven mainly by a 21.2% increase in exports to the United States. On the import side, total inflows declined even more sharply, falling 8.3% month-on-month to CHF 17.8 billion, largely due to a 23.5% plunge in chemical and pharmaceutical products. Imports contracted across all major regions, including Europe (-10.4%), North America (-27.7%), and Asia (-8.9%).
