Swiss trade balance –
Exports rebound under the leadership of pharma
The pharmaceutical and chemical sector boosted Swiss exports in October. They show an increase of 10.2% compared to the previous month.
Published today at 10:41 a.m.
The pharmaceutical sector played a driving role in the growth of exports, the Federal Customs Office indicated on Tuesday.
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Exports jumped in October, driven by the pharmaceutical and chemical industry. The trade balance closed with a surplus of 5.97 billion francs, the Federal Office of Customs and Border Security (OFDF) indicated on Tuesday.
In October, seasonally adjusted exports jumped 11.2% in real terms or 10.2% in nominal terms to reach 24.4 billion francs. Export sales thus crossed the 24 billion francs mark for the first time since September 2023. Smoothed over the last six months, they however recorded stagnation.
The pharmaceutical and chemical sector played a driving role, specifies the OFDF in its monthly statement, totaling 14.3 billion shipments. Companies exported an additional 1.8 billion francs of raw and basic materials to 5.1 billion and an additional 477 million for medicines to 3.7 billion.
The other segments mainly supported the progression, in particular jewelry, watches, but also machines and electronics, metals and even vehicles. However, there was a decline in precision instruments.
Exports to Europe took off by 16.1%, thanks to a doubling of sales to Slovenia, compared to the previous month, which placed the country for the first time ahead of Germany as the leading outlet . In the past, the production of certain Novartis and Sandoz products in the Slavic country constituted a possible answer to explain the significant statistical movements.
Those to North America increased by 7.4%, thanks only to the United States which recorded 4.4 billion. On the other hand, shipments to Asia stagnated (+0.3%): the increase in Japan was offset by a decline in China excluding Hong Kong, Singapore, India and Saudi Arabia. . Central and South America, Africa and Oceania contributed on a small scale to the increase.
Imports up slightly
At the same time, imports adjusted for seasonal effects increased by 0.7% in real terms or 1.8% in nominal terms to 18.4 billion francs. However, purchases abroad have recorded a sideways trend since the start of the year.
Chemical and pharmaceutical products supported growth and, to a lesser extent, jewelry, metals as well as foodstuffs, drinks and tobacco.
Imports from Europe increased by 4.8% while those from Asia stagnated (+0.4%), held back by Japan. Those in North America plunged by 10.1%, due to the United States.
In October 2024, imports from Russia amounted to 3 million francs. No deliveries of gold of Russian origin have been recorded, specifies the OFDF. Exports to Russia totaled 220 million francs, including 175 million for chemicals and pharmaceuticals.
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