Foreign trade reaches historic highs

A forklift and freight cartons in a hangar.

(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.

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Q2 2022: 8th consecutive quarterly increase (in French)

Foreign trade