Swiss trade balance –
Chemistry and pharmaceuticals slow down Swiss exports
The pharmaceutical and chemical sector caused a marked decline in deliveries abroad. Exports showed a drop of 11% in November compared to October.
Published today at 8:41 a.m.
The pharmaceutical sector played a major role in the fall in exports, indicates the Federal Office of Customs and Border Security.
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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 report. Exports have shown a “flat trend” since the second quarter.
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.
Maintaining watch exports
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, as did that of foodstuffs.
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.
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.
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