Swiss exports show unprecedented results
(30.03.2022) The Swiss export sector has much to celebrate. According to the Federal Office for Customs and Border Security (FOCS), exports in February rose by 15.4% to 3.204 billion, while imports fell by 2.9%.
In real terms, overseas sales gained more than 8% in one month. The trade balance shows a surplus of CHF 5.7 billion, a result not seen in recent decades.
The rise in exports can be explained by the strong performance of the chemical-pharmaceutical sector. Compared with January 2022, sales of medicines increased by CHF 1.5 billion (+43.5%). Immunological products and active ingredients rose by CHF 133 million and CHF 97 million respectively. In contrast, jewelry (-15%; -140 million francs) and machinery and electronics (-1.1%; -30 million francs) recorded significant decreases.
The situation is more complicated going forward. After soaring in December 2021 and January 2022, imports contracted by CHF 547 million resulting in a decline of 0.9% in real terms. Three commodities are involved. Energy products recorded a substantial decline of CHF 364 million (-18.4%), after having gained more than 33% the previous month due to higher prices. Imports of chemicals and pharmaceuticals (-5.2%; -CHF 273 million) and vehicles (-12.2%; -CHF 186 million) contributed to the overall decline.