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Swiss trade rebounds with third-quarter surplus

Switzerland returned to a positive balance of payments in the third quarter of 2009, the Swiss National Bank reported on Tuesday.

The country posted a SFr11.4 billion ($11 billion) surplus, compared with a deficit of SFr6.4 billion in the same period in 2008.

But the reversal masks a third quarter still marked by a troubled global economy. Exports of goods and services fell by 15 per cent on the year to SFr66 billion and imports dropped by 16 per cent to SFr51 billion.

The export sectors of machinery and jewellery and watches were particularly hard-hit, falling by 25 and 19 per cent respectively. and agencies