Swiss foreign exports see growth

Exports from Switzerland returned to growth in the first six months of 2010, but the figures remain below the high point of 2008, the Federal Customs Office says.

The watch industry showed the most impressive turnaround compared with the same period one year ago, according to a statement on Tuesday. But most industrial sectors also recorded improvements in the flow of exports.

Foreign exports rose nominally by 8.2 per cent (a “real” rise of six per cent after stripping out price fluctuations) to SFr96 billion ($91.4 billion) in the first half of 2010. June was a bumper month, with exports rising 16.3 per cent (12 per cent real growth) compared to the same month last year.

“Overall, it looks for Switzerland, as with other important exporting countries, that at the moment at least, the strong recovery in global demand is supporting the industrial dynamics very well,” said Alexander Koch, an analyst at the Unicredit Group.

Exports of Swiss watches rose 35 per cent to around SFr1.4 billion. The Federation of the Swiss Watch Industry said that Hong Kong had shown a particularly marked growth, and that the situation in the United States was beginning to improve – although it still lagged behind Asia.

“China… recorded an increase of 69 percent in June, a performance which keeps it in pole position in terms of growth,” it commented.

Overall, exports to Asia, North America and Latin America recorded double digit percentage growth, clearly outstripping Europe (up by 5.6 per cent). Many Swiss manufacturers have stated their intention to reduce dependency on the European market by focusing on emerging economies.

With imports in the first six months of 2010 rising 7.7 per cent to SFr86.1 billion (real growth of six per cent), Switzerland’s positive balance of trade rose to SFr9.9 billion – up SFr1.1 billion compared with the first half of 2009.

swissinfo.ch and agencies