Swiss exports weighed down by US tariffs

Swiss exports weighed down by the United States in April Keystone-SDA

Exports, the backbone of the Swiss economy, fell in April. Trade with the United States, which has introduced a range of tariffs, posted a double-digit fall.

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In seasonally adjusted terms, exports fell by 9.2% and imports by 15.6%, according to the Federal Office of Customs and Border Protection. However, shipments abroad continued to grow at a high level, totaling CHF25.2 billion, the second highest level ever recorded.

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Last month, “the decline in outflows was entirely due to chemical and pharmaceutical products”, said the customs authority.

Compared to their record level of the previous month, these exports fell by CHF3.0 billion or 17.1%. This was mainly due to the 43.9% drop in pharmaceuticals, to CHF-2.9 billion.

On the other hand, shipments of watches abroad soared by 16% to a record monthly high of CHF2.6 billion.

The marked contraction in imports led to a new record trade surplus of CHF6.3 billion.

Translated from French by DeepL/mga

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