Strong franc didn’t stop Swiss exports in 2016

Switzerland's foreign trade grew again in 2016 after a decline in the previous year, with the development of chemical-pharmaceutical products, the State Secretariat for Economic Affairs said Thursday. Exports rose by 3.8% (real: – 0.8%) to a record high of CHF 210.7 billion. However, the two other major divisions – machines and electronics as well as watches – were unable to participate in the growth. Imports increased by 4.1% (real: + 1.2%) to CHF 173.2 billion. The surplus in the trade balance reached a new record (37.5 billion francs). Exports expanded by 3.8% (real: – 0.8%) to CHF 210.7 billion in 2016, which means that, they reached a new peak. 

Both exports and imports grew by a working-day-adjusted 6.1% and 1.5%, respectively in December from a year ago.

The trade surplus for the fourth quarter was CHF 8.9 billion versus 10.1 billion in the third quarter. Exports dropped 3.1% over the quarter and imports slid by 1.9%.

In 2016, the total trade surplus rose to a new record of CHF 37.5 billion from CHF 36.5 billion in 2015. Shipments fell 0.8% in real terms, while imports gained by 1.2%.

The increase occurred mainly in North America, with a leap of 13% in the US, and Europe where Germany and Belgium have dominated the scene. Rather shipments to the United Kingdom and Italy have collapsed, and the latter it marked the lowest level since 2003.