(20.05.2026) Swiss foreign trade slowed sharply in the first quarter of 2026. Exports fell by -4.2% to CHF 66.9 billion, their lowest level since the third quarter of 2021, according to the Federal Office for Customs and Border Security (FOCBS).
The trade surplus stood at CHF 11.1 billion, marking a decline for the fifth consecutive quarter.
The chemicals and pharmaceuticals sector was particularly affected by the slowdown in exports (-8.1% / -CHF 3 billion). Pharmaceutical exports dropped by -9.3%, while chemical products declined by -4.1%. Bucking the trend, the watchmaking industry posted growth (+2.1%, +CHF 134 million). Exports of vehicles, particularly aircraft and spacecraft, also rose by +1.2%, reaching a record CHF 1.8 billion.
The FOCBS also reported a -4.7% contraction in imports, to CHF 55.8 billion. The chemicals and pharmaceuticals sector again recorded a significant decline of -10.8% (-CHF 2.3 billion). Jewelry and precious stones likewise suffered a drop of more than one fifth (-22.2%, -CHF 570 million).
Geographically, only exports to Europe increased (+3.8%), driven by Belgium, Italy, France and Slovenia (+CHF 1.3 billion combined). By contrast, exports to North America fell by -14.4%. Exports to the United States (-15.6%) dropped to their lowest level since the fourth quarter of 2020 (CHF 9.8 billion). Asia also declined by -5.2%, notably due to weaker trade with China (-9.8%).
On the import side, the decline was driven mainly by Europe (-5.2%), with Slovenia recording the sharpest fall (-CHF 1.3 billion). Imports from North America, meanwhile, rose by +2.8%. Having increased for five consecutive quarters, imports from South Korea (chemicals and pharmaceuticals) reached a record CHF 1.1 billion.
Last modification 20.05.2026
