Exports on the rise again
(21.06.2023) The economic outlook is improving for foreign trade. The Allianz Trade Export Forecast stood at -0.79 in May 2023, which is 0.47 points higher than three months ago. The indicator for Swiss exports is thus approaching its long-term average.
Driven by the chemical and pharmaceutical industry (+1.5 billion francs / +4.5%), watchmaking industry (+334 million francs / +5.3%), and automotive sector (+301 million francs / +25%), Swiss exports grew by 3.9% in the first quarter of 2023.
During the same period, imports increased by 1.1%. As a result, the trade balance now shows a surplus of 8.3 billion francs.
Furthermore, the demand for Swiss products has significantly increased in the three most important markets, namely Europe (+6.5%), North America (+5.4%), and Asia (+2.9%).
Despite these positive indicators, headwinds continue to affect the Swiss economy. Although there was a slight slowdown in inflation to 2.6% in April, prices remain above normal levels. This situation suggests that the Swiss National Bank will maintain its restrictive monetary policy in the coming months.
Moreover, Allianz Trade has revised downward its GDP growth forecast for the country in 2023, from 1.3% in December to 0.6% in April. This trend contrasts with forecasts for global GDP growth, which various international economic organisations have revised upwards, from an average of 0.1% to 2.4%.