Swiss exports experienced a significant setback in November, with a decline in the chemical and pharmaceutical sectors neutralizing the previous month’s increase. According to the Federal Office for Customs and Border Security (FOCBS), exports totaled CHF 21.72 billion, a decrease of 11% compared to the previous month. This decline was also reflected in real terms, with a drop of 10.8%. The chemical-pharmaceutical sector, which had set a record in October, accounted for 80% of the decline, with exports of raw and basic materials being particularly affected.
The decline in exports was seen across all major sales regions, with Europe experiencing the largest drop of 13.7%. Exports to Asia and North America also fell by 4.3% and 1.5%, respectively. Imports also saw a decline in November, with a nominal decrease of 3.6% (2.8% in real terms).
The trade balance surplus fell to CHF 3.96 billion in November, down from the record figure of CHF 5.97 billion in the previous month. This decline in exports and trade surplus could have a potential impact on the Swiss economy, as exports are a major driver of economic growth. The decrease in exports could also be a result of the ongoing trade tensions between major economies, which could continue to affect the Swiss export industry in the coming months.