Suisse Balance Commerciale

Switzerland’s trade surplus narrowed to CHF 4.0 billion in January 2025, down from an upwardly revised CHF 4.4 billion in December, marking the smallest surplus in four periods. Imports fell 6.8% month-over-month to CHF 18.7 billion, driven by lower purchases of chemical and pharmaceutical products (-19.5%), vehicles (-5%), and machinery and electronics (-2.1%). By country, imports declined sharply from Australia (-57.5%), Japan (-34%), and Canada (-31.9%). Meanwhile, exports dropped at a slightly faster pace, falling 6.9% to CHF 22.7 billion, reflecting weaker sales of chemical and pharmaceutical products (-12.5%), paper and graphic products (-7.3%), precision instruments (-0.4%), and vehicles (-0.3%). Among trading partners, demand fell most notably from Slovenia (-35.1%), China (-30%), and Austria (-22.8%).