Trade surplus reaches new record high
Switzerland’s trade surplus rose more than 22 per cent last year over 2010, reaching a record SFr24 billion ($26.24 billion).
Exports were worth SFr197.5 billion, up 2.1 per cent, with the chemical industry the biggest contributor at SFr37 billion. However, quarterly figures show that sales abroad slowed during the year, with the global financial crisis and the strong franc having an impact.
Exporters were forced to make price concessions of around 5.5 per cent on average, the biggest fall ever registered according to figures released by the Federal Customs Administration on Thursday.
Demand in Asia was strong, rising ten per cent, while it stagnated in Europe. However Germany, Switzerland’s biggest trade partner, imported six per cent more of Swiss goods than in 2010.
The watch industry was the only sector to post major export growth, with an increase of 19 per cent.
Imports were slightly down at SFr173 billion, with motor vehicles and energy contributing SFr12 billion and SFr9 billion respectively. Prices of imported goods fell by two per cent.
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