Exports stagnate in February
Published: Tuesday, Mar 19th 2024, 09:20
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Swiss foreign trade developed differently in February. While exports virtually stagnated, imports rose compared to the previous month.
Exports totaled CHF 21.2 billion in February 2024, as reported by the Federal Office for Customs and Border Security (FOCBS) on Tuesday. Adjusted for seasonal effects, exports thus rose only minimally by 0.1% compared to the previous month. In real terms - i.e. adjusted for price changes - this resulted in a small increase of 0.2%. This confirmed the stagnation recorded since October 2023.
Imports in the month under review amounted to CHF 18.9 billion, which corresponds to a nominal increase of 2.9% and a real increase of 3.8%. The surplus in the trade balance amounted to CHF 2.2 billion after CHF 2.8 billion in the previous month.
In terms of exports, the majority of sectors were down, with exports of raw and basic materials, for example, falling by 16%. Meanwhile, the largest division, chemical-pharmaceutical products, was up 0.7%.
By region, exports to China fell to their lowest level in a year, while the entire Asian region declined by 3.6%. Europe fell slightly by 0.6%, while exports to North America rose by 1.3%.
The increase in imports was mainly due to chemical-pharmaceutical products and vehicles, including aircraft. Overall, Switzerland imported more goods from all three major economic areas, with imports from Asia rising most significantly.
©Keystone/SDA
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