Switzerland’s trade surplus narrowed to CHF 5.6 billion in August 2026, down from a record CHF 8.1 billion in July. Imports declined 11.6% month-on-month to CHF 17.4 billion, their lowest level in a year, driven almost entirely by a sharp fall in purchases of chemical and pharmaceutical products (-35.8%), particularly medicinal products, antisera, and vaccines.
By region, imports from Europe saw the steepest drop at 7.5%, largely reflecting a 49.9% plunge in imports from Slovenia. Imports from Asia (-1.2%) and North America (-2.7%) also weakened.
Exports fell 17.2% from the previous month to CHF 23.1 billion, a four-month low, mainly due to reduced shipments of chemical and pharmaceutical products (-32.2%) and watches (-7.2%). Exports to North America tumbled 31%, led by a 31.2% decline in shipments to the United States. Shipments to Asia (-18.9%) and Europe (-9.1%) also contracted.
