Negative trade balance due to high oil prices

Switzerland's trade balance with the rest of the world showed a deficit of SFr333 million for March, reflecting higher oil prices and the purchase of new aircraft for Crossair. The figures more than wiped out February's surplus.

Switzerland’s trade balance with the rest of the world showed a deficit of SFr333 million for March, reflecting higher oil prices and the purchase of new aircraft for Crossair. The figures more than wiped out February’s surplus of Sfr76 million.

The total deficit for the first quarter of the year stands at SFr386 million compared to SFr360 million for the same period in 1999.

Both imports and exports rose sharply by around 14 per cent in the first quarter.

The Federal Customs Office said trade with the European Union had shown less growth than with the rest of the world but said that signs of an economic recovery within the EU were clearly visible.

The precision instruments industry, pharmaceuticals and watches boosted the export figures.

The cost of imports from developing countries was inflated by higher oil prices, while Crossair’s purchase of aircraft from Brazil also helped increase the deficit.

swissinfo with agencies



The total deficit for the first quarter of the year stands at SFr386 million compared to SFr360 million for the same period in 1999.

Both imports and exports rose sharply by around 14 per cent in the first quarter.

The Federal Customs Office said trade with the European Union had shown less growth than with the rest of the world but said that signs of an economic recovery within the EU were clearly visible.

The precision instruments industry, pharmaceuticals and watches boosted the export figures.

The cost of imports from developing countries was inflated by higher oil prices, while Crossair’s purchase of aircraft from Brazil also helped increase the deficit.

swissinfo with agencies