Exports fall significantly in October; watches heading for record year
Published: Tuesday, Nov 21st 2023, 10:20
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After two months of strong growth, the Swiss economy sold significantly fewer goods abroad in October than in the previous month. The reason for this is the development in the pharmaceutical sector. Meanwhile, despite a slight decline in October, the watch industry remains on course for a record year.
In total, exports amounted to CHF 21.3 billion in October, as reported by the Federal Office for Customs and Border Security (FOCBS) on Tuesday. Seasonally adjusted, exports thus fell by 10.7 percent compared to the previous month. In real terms - i.e. adjusted for price changes - this resulted in a drop of 7.2 percent.
Imports also fell in October. They fell by 4.9 percent to 17.9 billion; adjusted for price, they fell by 3.1 percent. As a result, the trade surplus fell to CHF 3.40 billion from CHF 5.02 billion in September.
Ongoing stagnation
According to the BAZG, the latest development confirms the stagnation that has been apparent since the beginning of the year. Exports fell in seven of the eleven product groups, but chemical-pharmaceutical products were mainly responsible for the sharp decline.
The decline in exports of medicines alone had a negative impact of around CHF 2.0 billion. In the two previous months, the division had reported a marked increase. In contrast, exports of vehicles and precision instruments increased.
The sales trend by region paints a negative picture everywhere. Fewer goods were sold in all three major economic regions. The largest decline was recorded in North America (-14.1%), followed by Asia (-6.9%) and Europe (-5.3%).
Chemical-pharmaceutical products were also the main reason for the decline in imports, while North America also stood out negatively among the regions.
Watches on record course compared to previous year
Meanwhile, the Swiss watch industry remains on course for a record year despite a slight setback. According to the BAZB, watch exports in October fell by a nominal 2.7% or around CHF 60 million compared to the previous month.
However, the Federation of the Swiss Watch Industry reports a year-on-year increase of 5.1% to CHF 2.39 billion. From January to October, watch exports even increased by 8.3% compared to the previous year. This suggests that the industry will break the export record of 24.8 billion Swiss francs from the previous year.
The sector grew particularly strongly in China (+24%) and Hong Kong (+17%). In both cases, the strong growth was also due to the previous year's low levels, which were impacted by the coronavirus pandemic.
The USA, the largest sales market, continued to grow well, albeit less strongly than in the past (+5.0%). In Europe, however, the picture is mixed, with positive development in the UK, France and Italy and a setback in Germany and Spain.
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