Swiss exports to the US plummeted in May
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Swiss exports to the US plummeted in May
The Swiss export industry suffered another double-digit decline in May. Exports to the US collapsed.
Exports fell by a seasonally adjusted total of 13.6% (-10.2% in real terms) to CHF21.01 billion ($25.7 billion), as reported by the Federal Office for Customs and Border Security (FOCBS) on Thursday.
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Exports to North America plummeted by 39.6%. This is the lowest figure recorded since the end of 2020, writes the FOCBS.
As recently as March, exports to the US had doubled and reached a record level. At the time, there was talk of anticipatory effects due to the expected Trump tariffs. Goods were shipped quickly before the feared tariff hammer took effect. By April, exports to the US had already fallen by around a third.
Exports to Europe also fell in May (-7.2%), while those to Asia increased slightly (+0.4%).
Almost all sectors affected
The decline in exports was widespread across all sectors. The chemical-pharmaceutical industry, which accounts for more than half of total Swiss exports, made a particularly large contribution (-19%). Meanwhile, exports stagnated in the hard-hit Swiss machinery and electronics industry.
Imports increased by 0.8% in May (real: +0.5%) to CHF19.02 billion. The export surplus thus shrank to CHF1.98 billion.
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