Switzerland's trade surplus declined in January

According to the report from Federal Statistical Office, after a significant decline in December 2018, exports in January 2019 rose by a seasonally adjusted 1.1 percent (real: +0.6 percent). Thus, the trend in exports since October 2018 shows upwards. As in the previous month, imports rose sharply by 3.4 per cent (in real terms: + 4.8 per cent) to 17.5 billion francs. They reached the level of the middle of last year. The trade surplus reached 1.4 billion francs compared to 1.79 billion francs in December

The export increase in January 2019 was broadly based. The exports of watches (+ 4.2 percent), which at the same time underlined their expansion course registered since October 2018, rose remarkably well. After two weakening months, shipments of machinery and electronics grew by 1.5 percent. Meanwhile, exports of chemical-pharmaceutical products increased by 0.7 percent, but only thanks to higher exports in the immunological products division (+ 259 million Swiss francs). Overall, the industry has been in an upward trend since October 2018. Exports of precision instruments continued their leisurely but steady growth trajectory for the fourth month in a row at + 0.4%.

The largest share of Import plus was based on the three divisions: bijouterie and jewelery (+ 174 million Swiss francs, under "Other product group"), chemical-pharmaceutical products (+ 153 million Swiss francs) and machinery and electronics (+ 130 million Swiss francs). However, the Chemicals / Pharmaceuticals sector has experienced a very volatile development in the past twelve months, with the level in January 2019 coming below the record level of a year before. Imports of vehicles also showed a very volatile development over the same period.