Switzerland posts lower current account surplus

Switzerland posts a lower current account surplus Keystone-SDA

In the first quarter of 2026, the Swiss economy recorded a lower current account surplus than in the same quarter of the previous year. This is mainly attributable to trade in goods, and in particular to trade in gold.

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Between January and March, the current account surplus stood at CHF15.5 billion ($19.1 billion), the Swiss National Bank (SNB) announced on Tuesday. In the first quarter of 2025, the surplus had been significantly higher at CHF26.7 billion. It should be noted, however, that the surplus in the same quarter of the previous year had been relatively high, the SNB wrote.

In particular, the balance of trade in goods was lower than in the same quarter of the previous year. Gold trade, in particular, resulted in a deficit in the quarter under review – following a surplus in the previous year. According to the SNB, the balance also fell in “traditional” trade in goods.

Overall, the surplus in trade in goods and services fell to CHF23.3 billion, down from CHF33.4 billion in the same quarter of the previous year. The other components of the current account showed comparatively little change compared with the same quarter of the previous year.

For instance, the balance of trade in services, at -CHF2.9 billion, was slightly less negative than the -CHF4.6 billion recorded in the first quarter of 2025. According to the SNB, the balances of primary and secondary income remained virtually unchanged.

Capital account up

In the capital account, which records all asset transactions received and made, net inflows of CHF66 billion were recorded on the assets side in the first quarter. This was largely due to acquisitions of companies abroad by Swiss firms.

On the liabilities side, there was a net reduction of CHF37 billion. This was primarily due to foreign investors increasing their deposits with commercial banks and the National Bank.

The balance on the capital account thus amounted to CHF29 billion. At the same time, Switzerland’s net foreign assets rose by CHF18 billion compared with the previous quarter to CHF974 billion.

The current account records all income and expenditure within an economy, including not only trade in goods but also trade in services (tourism, etc.), income from labour and capital, and current transfers. A high surplus is regarded as a sign of an economy’s strength.

Translated from German, sub-edited by ts