Switzerland's trade surplus hit a fresh record in November, with exports rising to SFr18.42 billion ($16 billion), up 6.9 per cent over the same month last year.

The country ran a goods trade surplus of SFr1.89 billion, the highest ever recorded in a single month, the Federal Customs Office reported on Thursday.

Imports increased by 0.9 per cent to SFr16.53 billion.

In a statement, the Customs Office said that foreign trade posted a significant increase in both directions in November, although the momentum slowed slightly.

While exports to the European Union, China and Russia increased strongly once again, those to the United States and Japan fell.

In a related development, watch exports in November rose to SFr1.794 billion, an increase of 17.3 per cent compared with the same month in 2006.

"Swiss trade was stronger than expected and reminds us just how strong industry is despite the surrounding turmoil," commented economist Katrina Attard at market analysis company 4Cast.

"Seemingly unaffected by the uncertainty is demand for Swiss watches with exports pressing on," she added.

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