Switzerland Trade Surplus at 6-Month High

Switzerland trade surplus increased to CHF3.43 billion in May of 2015 from CHF2.87 billion a year earlier and beating market forecasts. It is the largest surplus since November last year, as imports fell more than exports.

In May, exports declined by 11.0 percent year-on-year to CHF 15.46 billion, as sales fell for most of goods except costume & jewelry. Outbond shipments of chemicals and pharmaceutical industry decreased by 13..7 percent, including, pharmaceuticals, vitamin, diagnostics (-14.8 percent), medication (-20.5 percent), active pharmaceutical ingredients (-23.4 percent), raw materials and commdities (-3.2 percent), unshaped plastics (-14.2 percent), essential oils & perfume (-16.1 percent) and color body (-4.3 percent). Outbond shipments also fell for: machinery and electronic industry (-2.2 percent); engineering industries (-10.9 percent); electrical engineering and electronics (-15.6 percent); watchmaking (-8.9 percent); precision instruments (-11.1 percent); metallurgy (-13.4 percent); food and luxury items (-12.3 percent); rolling stocks (-9.8 percent); plastics industry (-16.9 percent); textiles, clothing, footwear (-6.0 percent) and paper and graphic arts (-21.3 percent). In contrast, exports  increased for: costume & jewelry (+11.9 percent).

Sales declined to China (-1.9 percent), India (-5.8 percent), the EU countries (-15.8 percent), the US (-7.9 percent), Hong Kong (-26.7 percent), Russia (-35.0 percent), Africa (-21.2 percent) and Oceania (-20.1 percent). In contrast, exports increased to Asia (+1.0 percent), the Middle East countries (+5.4 percent), Japan (+37.4 percent), South Korea (+4.1 percent) and Vietnam (+16.1 percent).

Imports dropped by 17.0 percent year-on-year to CHF 12.03 billion. Purchases fell for all categories:  energy sources (-28.6 percent, including crude oils and basic products (- 83.7 percent) and fuels (+4.8 percent). Imports of consumer goods declined by 18.6 percent, capital goods (-12.5 percent) and raw materials (-15.1 percent).
In April 2015, Switzerland registered a revised CHF 2.66 billion trade surplus.

Switzerland Trade Surplus at 6-Month High

Swiss Customs Administration l Rida Husna l rida@tradingeconomics.com
6/18/2015 10:44:08 AM