Switzerland: foreign trade in the red at the start of 2024

Swiss foreign trade showed signs of weakness in both directions of traffic from January to March. Both exports and imports contracted compared to the last quarter of 2023 and after seasonal adjustment.

The trade balance closes with a surplus of 8.6 billion francs, according to the press release from the Federal Office of Customs and Border Security (OFDF) published Thursday.

Shipments of Swiss goods abroad “contracted – albeit slightly – (-0.8%)” over the first three months of the year, as in the previous quarter. In real terms, however, exports increased timidly (+0.6%). Since their record level in the third quarter of 2022, they have nevertheless shown a clearly negative trend.

A cumulative drop of 677 million francs

During the period under review, eight of the eleven groups of goods showed a decline in their exports. Jewelry and jewelry (-3.8%), watches (-3.6%) and precision instruments (-4.1%) suffered, showing a cumulative drop of 677 million francs.

The machinery and electronics sector suffered a fourth consecutive quarterly setback (-0.7%), when the flagship group, chemicals and pharmaceuticals, stagnated. In the latter, turnover from active ingredients fell by 3.9 billion francs (-81.1%), this segment also recording a third quarterly decline in a row. Conversely, shipments of raw and basic materials increased by 1.5 billion francs or 26.3%.

Seasonally adjusted imports, for their part, fell by 1.9% (actual: -0.2%). A negative spiral has also been emerging since the penultimate quarter of 2022, but the development has nevertheless stabilized over the last three quarters.

This decline can be attributed in particular to chemical and pharmaceutical products. Imports of medicines fell by 1.3 billion francs or 12.3% over one quarter. Jewelry and jewelry as well as vehicles, particularly road utility vehicles, on the other hand, showed an increase.

ATS

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