Foreign trade reaches historic highs
(31.08.2022) Both imports and exports rose for the eighth consecutive quarter. According to the Federal Office of Customs and Border Security (FOCBS), the trade balance was +CHF 7.6 billion.
Foreign trade continued to grow in both directions in Q2 2022 (+0.9% outward and +2.4% inward). Compared to the previous quarter, exports increased by CHF 603 million (to a total of CHF 66.2 billion), while imports reached a historic high of CHF 58.6 billion.
Developments in exports differed according to commodity groups. While machinery and electronics (+CHF 420 million), jewelry (+334 million) and metals (+223 million) performed well, outflows of precision instruments increased only slightly. Watch sales, on the other hand, stagnated at a high level. The chemicals and pharmaceuticals sector, on the other hand, fell by CHF 403 million (-1.2%).
In terms of markets, Europe (+3.4%) remains one of Switzerland's most important partners, reaching a new high of CHF 39.2 billion. With an increase of CHF 738 million, Slovenia is a clear standout, while Italy (+4%) also set a record high with an increase of CHF 182 million. Demand from Asia (-0.6%) and North America (-0.3%) was down slightly. Specifically, shipments to China, Japan, Hong Kong (-CHF 593 million for the three countries) and the United States (-CHF 257 million) were down.
Inflows increased in almost all sectors. Once again, jewelry (+25.2%), machinery and electronics (+6.7%) and metals (+6.5%) were the most buoyant commodity groups. Chemicals and pharmaceuticals (+1.1%) increased slightly, while imports of energy products (-10.1%) decreased significantly.
Imports from the Asian continent (+5.3%) and North America (+3.6%) have risen strongly. Japan (+240 million) and India are in the lead. On the European side, inflows from Germany, Ireland, Austria (-CHF 818 million for the three countries), France (-CHF 91 million) and the Netherlands (-CHF 86 million) continue to decline. Conversely, Slovenia (+CHF 394 million) and Italy (+CHF 287 million) maintained their progress.