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In July 2025, Switzerland's trade surplus experienced a modest expansion, rising to 4.3 billion CHF from 4.2 billion CHF in June, marking the highest surplus since April. Export activity decreased by 2.7% month-on-month to 22.2 billion CHF, primarily due to reduced demand for costume and fine jewelry, which declined by 9.7%, and chemical and pharmaceutical products, which fell by 6.8%. Notably, exports faced significant downturns to Austria, Ireland, and South Africa, with drops of 36.9%, 21.1%, and 20.5% respectively. Conversely, exports to the United States increased by just 1.1% in July, a marked slow down from a robust revised increase of 25.2% in June. This slowdown can be attributed to the imposition of a substantial 39% tariff by the US on Swiss goods following unproductive trade negotiations, positioning it among the highest tariffs globally. On the import front, there was a more pronounced decline of 4.2%, bringing the total to 17.9 billion CHF. This was driven by a notable decrease in the importation of energy sources, down by 12.2%, and chemical and pharmaceutical products, which saw an 11.7% decrease. The most significant reductions in import volumes were observed from Ireland, Australia, and Spain, registering declines of 62.7%, 48.1%, and 28.6% respectively.
