Swiss trade surplus with US grew in 2025 despite tariffs

More Swiss goods were shipped abroad in 2025 than the previous year Keystone

Switzerland exported a record amount of goods to the United States last year despite a tariff dispute. Imports to Switzerland from the US fell, leading to a CHF41.1 billion trade surplus for the Alpine state.

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Swiss customs reported a 3.9% rise in Swiss goods sold in the US in 2025, amounting to CHF54.7 billion. In the same period, US imports fell 5.7% to CHF13.3 billion.

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Switzerland is poised to enter negotiations with US trade officials to reduce a 39% tariff burden, which was temporarily imposed on Switzerland between August and November, down to 15%. US President Donald Trump has set a March 31 deadline to conclude a legally binding agreement.

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Switzerland’s global trade surplus with sank from a record CHF60.6 billion in 2024 to CHF54.3 billion last year. This is still the second-highest surplus figure for trade with all countries in Swiss history.

Customs figures show total goods worth CHF287 billion were sold abroad by Swiss companies, increasing by 1.4%. Imports from around the world to Switzerland increased even more – by 4.5% to CHF232.7 billion.

Chemical and pharmaceutical products, worth CHF152 billion, rose by CHF3.3 billion year-on-year and accounted for 53% of all exports. Exports of vehicles, as well as jewelry and precious metals, also grew.

By contrast, exports of machinery, electronics and appliances, such as watches, declined again. In addition to North America, shipments to Europe also rose significantly, particularly to Germany, Austria, Italy, and Ireland.

Conversely, goods sold in Asia decreased, especially in China, Japan, and Hong Kong.

The increased imports were primarily due to chemical and pharmaceutical products. Imports of food, animal feed, luxury goods, and jewelry also rose significantly.

In December 2025, exports fell by 4.5% compared to the previous month, to CHF22.5 billion. This decline was primarily due to a decrease in exports of chemical and pharmaceutical products.

Imports decreased by 1% to CHF 19.5 billion, resulting in a trade surplus of CHF3 billion for the month of December.

Adapted from German by AI/mga

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