Swiss exports remain at a high level in 2023
Published: Tuesday, Jan 30th 2024, 15:40
Updated At: Tuesday, Jan 30th 2024, 15:41
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Goods with the "Made in Switzerland" label remain in demand around the globe. After two strong years of growth, Swiss exports fell slightly in nominal terms in 2023, but increased in real terms or in price-adjusted terms. The watch industry set a new export record.
Switzerland is an export nation: last year, goods worth CHF 274.3 billion were exported. This corresponds to a decline of 1.2% compared to 2022, as announced by the Federal Office for Customs and Border Security (FOCBS) on Tuesday. Adjusted for price changes, however, this represents an increase of 2.5%.
An up-and-down pattern was observed in the export statistics throughout the year. While exports increased slightly in the starting quarter and in the third quarter, there were slight setbacks in the second and fourth quarters.
Decline at a high level
Following the coronavirus slump in 2020 and the strong countermovement in the two subsequent years, foreign trade has recently been declining at a high level, said an expert from the BAZG in an interview with AWP. The foreign trade statistics were influenced by falling prices, such as for energy.
The price trends were also reflected in imports. In nominal terms, imports of goods into Switzerland fell by 3.8% to 225.8 billion Swiss francs last year. However, the price-adjusted or real decline was limited at 2.0%.
The stronger decline in imports compared to exports meant that the trade balance surplus climbed by almost CHF 6 billion to CHF 48.5 billion. This meant that the second-highest surplus ever recorded was achieved last year, according to the report.
Stable pharmaceutical exports - record watch exports
Broken down by product group, exports declined in seven of the eleven groups. Exports of metals fell particularly sharply (-9.0%), as did exports of paper and graphic products, precision instruments and food and beverages.
There was a slight increase of 0.7% in chemical-pharmaceutical products, which account for almost half of total exports. This development was dampened by falling prices and the decline in exports of medicines. In contrast, deliveries of raw and basic materials increased by half, according to the report.
Meanwhile, watch manufacturers set another export record. Watch exports increased by 7.6% to CHF 26.7 billion, after a record had already been set in 2022. The coronavirus recovery in Asian markets and continued strong demand in the USA, the largest sales market, kept the watch industry's tills ringing.
In regional terms, exports to almost all major economic regions declined, with only exports to Europe stagnating. Exports to North America were down 3.5 percent, while exports to Asia fell by 2.9 percent. Trade with China saw the first decline in exports for eleven years.
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