2023.03.2107:58:00UTC+00Swiss Exports Fall 2.7% In February

Switzerland's exports decreased for the first time in three months in February, primarily due to lower demand for vehicles and chemical-pharmaceutical products, data from the Federal Customs Administration showed on Tuesday.

Exports fell by a real 2.7 percent month-on-month in February, reversing a 2.6 percent rise in the previous month.

Imports also dropped 0.5 percent over the month, in contrast to a 0.1 percent slight gain in January.

In nominal terms, exports declined 1.1 percent from a month ago, while imports rose for the second straight month by 1.3 percent.

Shipments of vehicles contracted the most by 10.5 percent monthly in February, and those of chemical and pharmaceutical products dipped 6.5 percent. Exports of paper and graphic products logged a negative growth of 2.1 percent.

Meanwhile, the foreign demand for jewelry items grew sharply by 12.9 percent.

Due to lower exports, the trade surplus shrank to CHF 2.48 billion in February from CHF 2.97 billion in the previous month.

According to the Federation of the Swiss Watch Industry, watch exports grew 12.2 percent year-on-year to CHF 2.2 billion in February.