Swiss exports fall for the second consecutive time in January
(02.03.2022) Switzerland's foreign trade sector is experiencing significant fluctuations. According to the Federal Office for Customs and Border Security (FOCBS), the trend as of January 2022 indicates a stagnation in exports (a seasonally adjusted decrease of 1.5%), but an increase in imports (up 7%).
In January 2022, the trade balance surplus was CHF 2.2 billion compared with CHF 3.7 billion in December 2021. This is the lowest surplus since February 2020. This is mainly due to a significant increase in entry prices and a decrease in exit prices
Due to inflation, energy supplies rose by 43.1% (+CHF 557 million) between December 2021 and January 2022. Chemicals and pharmaceuticals meanwhile rose by 11.9% (+CHF 556 million).
Imports from Europe rose by 11.3%, and those from North America were up 5.2%, boosted in particular by Canada (+12.1%). Imports from Asia, on the other hand, remained stagnant in January.
At the same time, Switzerland exported CHF 20.9 billion worth of goods. The 1.5% contraction in exports (a second consecutive decline) was mainly due to the performance of chemicals and pharmaceuticals (-6.3%, or -CHF 721 million). Watch sales abroad also fell for the third consecutive month.
Sales values to North America fell by 19.9%. The United States itself recorded a decline of CHF 775 million. Europe and Asia, on the other hand, imported more Swiss products, with increases of 3.2% and 4.5% respectively.