Swiss exports rebounded in July driven by pharma sector

Exports picked up again in July Keystone-SDA

Switzerland’s foreign trade rebounded in July, with exports showing strong growth following a decline the previous month.

The growth was once again driven by the chemicals and pharmaceuticals sector, as well as a recovery in sales to the European Union.

During the month under review, exports surged by 13.8% in nominal terms (unadjusted for inflation) and compared with the previous month to CHF27.79 billion ($34.88 billion), while imports fell by 4.5% to CHF19.65 billion, according to figures released on Thursday by the Federal Office for Customs and Border Security.

Swiss foreign trade thus ended the period with a trade surplus that had doubled compared with June, standing at CHF8.14 billion.

The chemicals and pharmaceuticals sector, the driving force behind exports, once again underpinned international sales, with a 25.7% increase, following a 7.4% decline in June.

By contrast, the machinery, electronics and equipment sector fell by 0.5%. The watchmaking sector grew by 5.8%, whilst the jewellery sector fell by 12.5% compared with the previous month.

The European Union, the main customer for Swiss companies, saw a significant rebound of 25.5% in exports, following an 11.2% fall in June. In Asia, sales to China also accelerated sharply (+27.1%), followed by Japan (+4.4%) and South Korea (+8.9%).

Exports to the US, however, fell (-1.8%), while those to Brazil surged (+20%).

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Translated from German, reviewed by an English Department journalist.