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Switzerland's trade surplus increased in July despite a fall in exports, figures from the Federal Customs Administration showed Tuesday.
The trade surplus rose to CHF 3.6 billion from CHF 2.7 billion in June.
Exports declined by real 1.7 percent month-on-month in July, larger than the 1.3 percent decrease seen in June. Likewise, imports slid 1 percent versus 0.7 percent decrease in June.
A monthly report from the Federation of the Swiss Watch Industry FH on Tuesday showed that watch exports logged growth for the third month in a row. Watch exports grew 3.6 percent year-on-year to CHF 1.7 billion in July.
Benefiting from a very favorable base effects, watch exports to Hong Kong climbed 16.8 percent in July. Exports to the U.S. gained 1.4 percent and that to China surged 22.3 percent.
