Chemicals and pharmaceuticals weighed heavily on Swiss exports in November. Victims of the largest monthly decline, these sectors caused a marked decline in deliveries abroad. The trade balance shows a surplus of 3.96 billion francs, compared to nearly 6 billion in October.
Exports reached 21.72 billion francs, which represents a fall of 11.0% month-on-month. Excluding the effects of (real) inflation, the decline reached 10.8%, the Federal Office of Customs and Border Security (Ofdf) indicated on Thursday in its periodic statement. Exports have shown a “flat trend” since the second quarter.
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Decline in all sectors
The chemical and pharmaceutical products category totaled exports of 12.72 billion francs, down 15.2% in nominal terms or 16.6% in real terms. This monthly development cancels out the strong increase experienced by these sectors in October, where deliveries jumped by 16.1% (nominal) and 21.7% (real). The drop suffered in November, of 2.7 billion, covers 80% of the decline in Swiss exports during the period under review.
Watch exports maintained their high level of the previous month, stagnating in nominal terms (-0.1%) and falling (-1.7%) in real terms. The machinery and electronics category saw its exports decline by 8.3% (-7.3% in real terms), continuing a negative trend. Foodstuffs also suffered a significant contraction, of -11.5% in nominal terms and -12.2% in real terms.
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Demand plunges in Europe
Declines were recorded in all regions, but mainly in Europe (-13.7%), due to a halving of exports to Slovenia, “following their surge in the previous two months”, specifies the press release. Deliveries to Asia fell by 4.3% or 199 million, including a decline of 122 million for China alone. In North America (-1.5%), the drop of 1.8% recorded in the United States weighed.
Imports contracted to a low not reached since December 2021, in the midst of the Covid pandemic. They fell by 3.6% (nominal) or 2.8% (real) to 17.76 billion francs. Over the first eleven months of the year, they are generally stagnant, specifies the Ofdf.
Evolution disparate
The federal office speaks of disparate developments, with four of the twelve groups of goods showing an increase. Chemical and pharmaceutical products are at the origin of this decline, especially medicines whose impact amounts to -1.0 billion francs in the month of November alone. The “machinery and electronics” category has gained ground.
European countries exported less to Switzerland, while the total value of products from Asia and North America increased last month. South Korea stood out in November, seeing its exports to Switzerland more than double over one month to 258 million francs.
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