Swiss foreign trade sluggish in October

Swiss foreign trade sluggish in October Keystone-SDA

Switzerland's international trade stagnated in October, on both the export and import sides, reflecting the uncertainties weighing on the global economy.

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However, the watchmaking industry rebounded for the first time since July.

In the month under review, seasonally adjusted exports stagnated at CHF22.53 billion, representing a month-on-month decline of 0.3% in nominal terms and 0.6% in real terms, the Federal Office of Customs and Border Protection (FOCB) reported on Thursday in its monthly statement.

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Imports also levelled off at CHF19.91 billion (+0.2% nominal, +0.1% real).

The seasonally adjusted trade balance came to CHF2.62 billion, after CHF2.74 billion the previous month.

In detail, exports were weighed down mainly by the decline in vehicles (-39.5% nominal) and jewellery (-13.6%). At the same time, sales of chemicals and pharmaceuticals (+1.0%), metals (+1.5%) and machinery and electronics (+0.4%) rose timidly.

The increase was more marked for foodstuffs, beverages and tobacco (+3.5%), while watch exports rose for the first time since July (+1.9%).

By market, exports to North America fell significantly (-5.1% nominal, -5.5% to the United States). Deliveries to Europe rose (+6.9%), although the trend was mixed across the Old Continent. Germany (+12.8%) and Slovenia (+61.9%) shone brightly, posting a cumulative increase of almost CHF1.4 billion, while Italy slumped by 11.3%. Sales to Asia fell by 3.1%.

Translated from French by DeepL/mga

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