Swiss exports continue to decline in September
Published: Thursday, Oct 17th 2024, 08:30
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The Swiss export industry continued its decline in September and sold fewer goods abroad. This means that exports also slipped into negative territory for the third quarter as a whole, after having increased significantly in the second quarter of the year.
In total, exports amounted to CHF 21.95 billion in September, as reported by the Federal Office for Customs and Border Security (FOCBS) on Thursday. Seasonally adjusted, exports fell by 1.4 percent compared to the previous month. In real terms - i.e. adjusted for price changes - this resulted in a fall of 3.5 percent.
In contrast, imports amounted to CHF 18.05 billion in September, which corresponded to a nominal decline of 1.1%, but an increase of 0.6% in real terms. The trade surplus amounted to CHF 3.90 billion, compared to CHF 3.86 billion in the previous month.
For the third quarter as a whole, exports fell by 4.3% in nominal terms to CHF 66.11 billion; in real terms, the decline was 5.9%. Imports fell by 2.9% in nominal terms (-0.9% in real terms) to 54.84 billion. The trade balance nevertheless showed a high surplus of CHF 11.3 billion.
In terms of product groups, pharmaceuticals had a significant negative impact on foreign trade in both directions of trade in the third quarter. In contrast, watch exports remained at a high level despite a slight decline. Geographically, exports to the USA fell by 15.4%. At the same time, imports were at their lowest level since the fourth quarter of 2021.
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