Swiss exports decline in the third quarter
Published: Thursday, Oct 17th 2024, 10:50
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Following a clear decline in September, Swiss exports were also lower in the third quarter of 2024 as a whole than in the same period of the previous year. In the second quarter of 2024, foreign trade had still shown clear growth. Watch exports were significantly lower in September, suffering from weak demand from Asia.
In total, Swiss exports amounted to CHF 21.95 billion in September, a seasonally adjusted fall of 1.4% compared to the previous month, as reported by the Federal Office for Customs and Border Security (FOCBS) on Thursday. In real terms - i.e. adjusted for price changes - there was even a fall of 3.5 percent. Meanwhile, seasonally adjusted imports amounted to CHF 18.05 billion (nominal -1.1 percent, real +0.6 percent).
Declining exports of medicines
For the third quarter as a whole, exports slipped well into negative territory, falling by 4.3% to CHF 66.11 billion, with a real decline of as much as 5.9%. In the second quarter of 2024, on the other hand, exports had still recorded an increase of 7.0% (-1.3% in real terms). Nevertheless, exports in the third quarter were still above the average of the past five quarters, the FOCA emphasized.
Exports of chemical-pharmaceutical products (-6%), the largest product group, declined significantly in the period from July to September. Deliveries of medicines fell particularly sharply. Deliveries of machinery and electronics as well as vehicles, precision instruments and watches were also down.
Geographically, deliveries to North America declined (-14.8%). However, they had increased by a fifth in the previous quarter. Exports to Europe (-3.7%) and Asia (-2.1%) declined slightly. In Asia, numerous countries were affected by a decline, including Hong Kong, Japan and South Korea.
Watch exports to China halved
Watch manufacturers were particularly hard hit by the slump in demand in Asia. After a brief respite in the summer months, September saw the sharpest decline this year, wrote the Federation of the Swiss Watch Industry (FH) in a press release. In September, exports fell by 12.4 percent to 2.05 billion Swiss francs.
The current consumer crisis in China was reflected with full force in the September watch statistics. Exports to China fell by almost 50 percent and those to Hong Kong by almost 35 percent. However, watch exports to other, predominantly Asian markets were also weak. In contrast, the slight growth in the USA, the largest sales market (+2.4%), was a ray of hope.
Second-highest trading balance surplus
Imports fell less sharply in the third quarter by 2.9% (-0.9% in real terms) to 54.84 billion. Here too, a decline in chemical-pharmaceutical products was noticeable, particularly in medicines. Imports of energy sources, metals and vehicles into Switzerland fell even more sharply in percentage terms.
The surplus in the trade balance from July to September amounted to 11.3 billion Swiss francs. This represents the second-highest quarterly surplus to date, writes the Federal Office.
©Keystone/SDA
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