Swiss Trade Surplus Shrinks In August

(RTTNews) - Switzerland's foreign trade surplus decreased in August as exports fell faster than imports, data from the Federal Customs Administration showed on Thursday.

The trade surplus dropped to CHF 5.6 billion in August from CHF 8.1 billion in July.

In real terms, exports declined 8.6 percent monthly in August, and imports were 3.1 percent lower.

Exports of chemicals and pharmaceutical products—key sectors for Switzerland's economy—plummeted 21.5 percent in August. Watch exports, another major Swiss industry, fell 5.3 percent. On the import side, Switzerland brought in 14.2 percent fewer jewelry items.

In nominal terms, both exports and imports slumped by 17.2 percent and 11.6 percent, respectively compared to the previous month.

Separate official data from the Federation of the Swiss Watch Industry showed that watch exports grew 9.1 percent annually in August, driven largely by increased demand for bimetallic watches.