Foreign trade deficit widens in July
Switzerland's foreign trade deficit increased sharply in July, according to figures from the finance ministry. The deficit stood at SFr190.5 million in July, compared with SFr70.4 the month before.
The ministry said that while exports rose by 7.7 per cent to SFr10.32 billion, they were more than offset by imports, which jumped 9.6 per cent to SFr10.51 billion.
The engineering, electronic and watch industries continued to be the main export earners in July. By contrast, the plastic and chemical industries recorded a below average increase in their exports.
According to the figures, energy imports rose by 60 per cent over the period, accounting for much of the increase.
Hong Kong and Taiwan saw their imports to Switzerland jump by 52 and 45 per cent respectively, reflecting a trend towards increased trade with newly industrialised countries.
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