FX.co ★ Swiss Trade Surplus Smallest in 17 Months

Switzerland's trade surplus contracted to CHF 2.0 billion in May 2025, a decrease from the revised CHF 5.4 billion recorded in April. This figure represents the smallest surplus observed since December 2023. The contraction was primarily due to a 13.6% month-on-month decline in exports, which totaled CHF 33.0 billion. This downturn was significantly influenced by reduced sales of chemical-pharmaceutical products, which decreased by 18.9%, and watches, which saw a 21.1% decline. Notably, exports to the United States plummeted by 41.7%, a consequence of newly imposed tariffs that added a 10% levy beginning on April 5 and an additional 21% on April 9, culminating in a total tariff of 31% on Swiss goods. Exports also fell to Czechia (-37.4%), Slovenia (-31.4%), and Ireland (-26.6%). On the import side, there was a 0.8% increase to CHF 19.0 billion, primarily fueled by a 15.4% surge in energy carrier purchases and an 8.1% rise in acquisitions of chemical-pharmaceutical products. Across key trading partners, imports saw significant growth from Saudi Arabia (+220%), Ireland (+109%), and Singapore (+59.5%).