Exports fall significantly in October
Published: Tuesday, Nov 21st 2023, 08:10
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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.
Exports in October totaled CHF 21.33 billion, 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% to 17.93 billion; adjusted for price, they fell by 3.1%.
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, this 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 similarly negative picture. 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 mainly responsible for imports, while North America also stood out negatively among the regions.
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