(27.08.2025) Foreign trade slowed in the 2nd quarter of 2025. Exports declined by -5.3% and imports by -7.1% compared with the previous quarter. The trade surplus amounted to CHF 13.4 billion, according to the Federal Office for Customs and Border Security (FOCBS).
Weaker results in the pharmaceutical sector weighed on overall trade performance. Exports of chemical and pharmaceutical products fell by -9.6%, or -CHF 4.2 billion, in the second quarter of 2025. Jewelry and watches, as well as textiles, clothing and footwear, also posted mixed results. By contrast, watchmaking (+2.6%) and machinery/electronics (+1.4%) continued the recovery that began at the start of the year, each recording a second consecutive quarter of growth.
Imports fell across all categories. The pharmaceutical industry again contributed significantly to this decline, with a drop of -14.2% or -CHF 3.3 billion. Energy products also contracted sharply (-15.1%, due to prices), as did metals and precision instruments to a lesser extent. Taken together, these three sectors decreased by -CHF 676 million.
From a geographical perspective, the picture is mixed. After a record quarter driven by anticipatory effects of customs duties, exports to North America slumped by -25.9% (-29.4% to the United States), returning to their end-2024 level. In Europe, sales slipped by -1.6%, while shipments to Asia recorded a modest increase (+2%).
On the import side, inflows from Europe fell by -CHF 2.6 billion (-5.7%), mainly due to a sharp decline in Slovenia (-CHF 4.2 billion, primarily in chemicals and pharmaceuticals). Imports from North America decreased by -11.2% (-CHF 442 million), while those from Asia were down -3.2% (-CHF 321 million).
Last modification 27.08.2025
