Zurich (awp) – Switzerland ended the second quarter with a balance of payments surplus of 20 billion Swiss francs, driven by trade in goods and non-monetary gold trading. This surplus is a sharp increase of 6 billion compared to the same period in 2023.
While the balance of trade in goods increased, the surplus in transit trade (export of services) declined, the Swiss National Bank (SNB) said in its quarterly update on Friday.
The current account balance, which includes all of Switzerland’s economic transactions with the rest of the world, also recorded an increase in its surplus, thanks to the reduction in the deficit recorded in secondary income (compulsory levies).
The BNS noted stability in trade in services and primary income, i.e. income from work.
As for the financial account, a net decline in transactions appeared in the second quarter. The balance stood at 29 billion.
The decline reached 4 billion Swiss francs for financial assets, pulled down by net acquisitions of participations and a decrease in the interbank market. On the liabilities side, the maturity in the second quarter of SNB bonds held by non-residents caused a decline of 35 billion.
The net external position increased by 5 billion Swiss francs to 894 billion, the statement said. Foreign assets fell by 5 billion to 5,317 billion, while liabilities abroad contracted by 10 billion to 4,423 billion.
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