Switzerland’s global trade falls off at start of year

Swiss exports and imports fell in Q1 Keystone / Georgios Kefalas

Swiss exports and imports declined in the first quarter of the year. The chemical and pharmaceutical sectors and exports to the United States were hardest hit.

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Exports fell by 4.2% in the first three months of the year compared to the previous quarter, reaching CHF66.94 billion, according to the Federal Office for Customs and Border Security. This is the lowest level since autumn 2021. 

A slight recovery was evident in March. Seasonally adjusted exports rose by 1% to CHF22.36 billion, after a significant decline in February. Adjusted for inflation exports declined in real terms by 3.4% in March.

The overall picture remains decidedly negative throughout the quarter. Eight of the ten most important product groups recorded declining exports. Chemical and pharmaceutical products were particularly hard hit, falling by 8.1%. This marks the fourth consecutive year of decline for the sector.

Bucking the trend, some sectors performed well: Watch exports rose by 2.1%, or CHF134 million in the first quarter. Vehicle exports also increased, by 1.2%, reaching a new record high of CHF1.8 billion.

The decisive factor is the destination of exports. Exports to North America fell by 14.4%, and those to the US by 15.6%. At CHF9.8 billion, this is the lowest level since the end of 2020.

Exports to Asia also declined, primarily due to lower deliveries to China and Japan. Europe was the only major sales region to see a slight increase.

Imports also declined in the first quarter, falling by 4.7% to CHF55.8 billion. Six out of 11 product categories recorded decreases, primarily chemical and pharmaceutical products, jewelry and precious metals, and vehicles.

However, in March there was a significant reversal. After a weak February, imports rose by 10.1% to CHF19.62 billion.

Asia stands out regionally. Imports from China and especially South Korea have increased. Imports from South Korea have been growing significantly for several quarters, rising by an average of 21.6% over the last five quarters. In the first quarter of 2026, they reached a peak of CHF1.1 billion.

Trade with Russia, however, remains low. In March, Switzerland imported goods worth CHF4 million from Russia, including no gold of Russian origin. Exports to Russia amounted to CHF146 million, primarily in the chemical and pharmaceutical sectors.

Adapted from German by AI/mga

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