Editor’s Note
Swiss trade data for November reflects continued stagnation, with overall exports showing minimal growth in nominal terms and a decline when adjusted for prices. The jewelry sector was a rare bright spot, while most other categories and exports to Europe weakened.
Swiss exports and imports showed little change in November, continuing the weak trend from the previous month. Apart from jewelry, which saw strong growth, most other product categories struggled with exports, and sales to Europe declined.
During the month under review, exports accelerated by a mere 1.6% month-on-month in nominal terms (not adjusted for inflation), and even fell by 0.6% in real terms (price-adjusted), the Federal Customs Administration (FCA) indicated on Thursday.
Chemicals and pharmaceuticals, the locomotive of Swiss exports, grew by 1.5%, machinery and electronics by 1%, and watchmaking by a mere 0.3%, while jewelry accelerated by 8.2%.
Imports followed the same trend, with purchases falling by 0.8% in nominal terms and rising by 0.2% in real terms. Despite this weak performance, the Swiss trade balance closed with a surplus of 3.02 billion francs, up 20.5% month-on-month.
Swiss watch exports experienced another decline in November, falling by 7.3% to still represent 2.2 billion francs. The United States, the top destination by value with still 201.1 million francs, saw its imports of Swiss watches evaporate by more than half.
In contrast, the United Kingdom (+7.9% to 183.0 million) and Hong Kong (+3.1% to 176.6 million) returned to growth.
