Exports fall significantly from record level
Published: Thursday, Dec 19th 2024, 11:40
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Easy come, easy go. The high in Swiss exports in October was followed by a sharp drop in November. This was due to significantly lower exports in the chemical and pharmaceutical sectors.
In November, Swiss exports amounted to CHF 21.72 billion, as reported by the Federal Office for Customs and Border Security (FOCBS) on Thursday. Compared to the previous month, this is a decrease of 11 percent. In real terms - i.e. adjusted for price changes - this resulted in a drop of 10.8 percent.
This neutralized the previous month's increase in exports, explained the customs administration. In October, exports from Switzerland had skyrocketed by 10.2 percent. They had thus reached a record level.
Fluctuating chemical and pharmaceutical exports
In November, exports fell below the CHF 22 billion mark for the first time since March. Since the second quarter of 2024, exports have thus tended to stagnate, the FOCA summarizes the development.
In the past, movements in Swiss export statistics could often be explained by fluctuations in chemical and pharmaceutical exports. November was no different: the chemical-pharmaceutical sector alone accounted for 80 percent of the decline.
The sector was responsible for the export record in October. The industry is known for the fact that exports can fluctuate greatly from month to month - due to the call-off of individual batches.
MEM industries in the red again
The revival in exports in the industrial sector recorded in the previous month was a brief flash in the pan. In November, the "machinery and electronics" product group again reported a seasonally adjusted decline of 8.3% compared to the previous month.
Meanwhile, exporters of watches (-0.1%) were able to maintain the previous month's turnover. Compared to November 2023, however, exports of Swiss timepieces fell by a further 3.8%. The Chinese market in particular was a major negative factor here with a drop of 27%.
Geographically, the development of total exports was clear: the Swiss export industry suffered a decline in all three major sales regions. The decline was in the double-digit range in Europe (-13.7%). Exports to Asia fell by 4.3% and those to North America by 1.5%.
Imports also fall
Imports amounted to CHF 17.76 billion in November, which corresponds to a nominal decline of 3.6% (-2.8% in real terms). According to the Federal Office, chemicals and pharmaceuticals were also decisive for the overall direction here.
The surplus in the trade balance fell to CHF 3.96 billion after the record figure of CHF 5.97 billion in the previous month.
©Keystone/SDA
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