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Trade figures US market, watches thwart declining export trend

To the rescue: one of Switzerland's most famous products.

(Keystone)

According to the Federal Customs Administration, Switzerland has seen a 2.6% decrease in exports during the first half of 2015. But while exports to the eurozone continue to drop, those to the United States increased, as did exports in the watch sector.

After the franc-euro exchange rate peg was removed in January, the average value of Swiss exports dropped by 1.8%. While the total sum of exports amounted to nearly CHF102.8 billion ($106.9 billion) in the first half of 2014, this year so far they have totalled about CHF100.1 billion ($104.1 billion).

While exports to the Eurozone sank by 8%, those to the United States increased by 6%.

Swiss watch exports also fared rather well, having increased by 0.4% since January. This increase is primarily due to exports to the United Kingdom, France and Italy, and to a lesser extent, to the US.

Imports to Switzerland during the first half of 2015 were also lower compared to last year, with a drop of 7.4%. Prices of imports decreased by 7.8% - even more than prices of exports. However, imports of US products jumped by 15% - an increase attributable in part to the purchase of pharmaceuticals.

Overall, the trade balance of imports and exports for Switzerland in the first half of 2015 comes to CHF17.7 billion ($18.4 billion).

swissinfo.ch and agencies

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