Swiss exports weaken in 2023 but watches set record
Swiss exports fell in 2023 after two years of growth. Imports were also down. However, falling prices led to a better result in real terms. Meanwhile, the trade surplus increased.
Specifically, exports fell by 1.2% to CHF274.3 billion ($318 billion) in 2023 as a whole, the Federal Office for Customs and Border Protection (FOCBS) said on Tuesday. Imports fell even more sharply by 3.8% to CHF225.8 billion, meaning that the surplus in the trade balance rose to CHF48.5 billion, the second-highest surplus ever recorded.
In both directions, falling prices led to better results in real terms, the FOCBS said. Exports increased by 2.5% in real terms, while imports only fell by 2%.
Seven out of 11 product groups declined in 2023. According to the FOCBS, the lower exports of the metals group (-9.0%) had a particularly significant impact on the result. Exports of paper and graphic products, precision instruments as well as food and beverages also saw large declines.
Watch exports, on the other hand, increased sharply, reaching a new record high of CHF26.7 billion, up 7.6%.
+ Switzerland’s war materiel exports reach record level
Exports of chemical-pharmaceutical products rose by only 0.7%, which was due to falling prices on the one hand and a significant decline in exports of medicines on the other. However, deliveries of raw and basic materials increased by half.
In terms of regional distribution, exports fell in almost all major economic regions. Only Europe stagnated. 3.5% fewer goods were exported to North America, while exports to Asia fell by 2.9%. Trade with China saw the first decline in exports in 11 years.
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