After a tepid first quarter, Swiss foreign trade regained momentum in the second quarter of 2024. In seasonally adjusted terms, exports jumped by 6.6% and reached a record level. Imports increased by 2.2%. The trade balance closes with a historic quarterly surplus of 12.4 billion francs.
In short
Exports of raw materials and chemical bases doubled year-on-year
Watch exports: stagnation at a high level
Boom in the drug trade
Flourishing trade with Slovenia, France and Austria
Export trend: ⇒                Import trend: ⇒

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Global evolution
After stagnating in the 1st quarter of 2024, seasonally adjusted exports posted impressive growth of 6.6% in the 2nd quarter (actual: +3.5%), supported mainly by the dynamism of April. They not only managed to get out of

Le renouvellement et la modernisation du système pour la perception de la redevance sur le trafic des poids lourds liée aux prestations (RPLP) prennent forme. Les détenteurs de véhicules immatriculés en Suisse pourront à l’avenir choisir entre des systèmes de saisie proposés par différents prestataires. Le service de base relatif à la RPLP sera assuré par NATRAS AG, une société de saisie des données fondée en janvier 2024 et mandatée par l’Office fédéral de la douane et de la sécurité des frontières (OFDF). Ce changement de système est un élément phare du programme de numérisation et de transformation DaziT.
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Driven by rising prices, Swiss foreign trade increased significantly in nominal terms in 2022. Although exports rose by 7.2%, they stagnated in price-adjusted terms. Meanwhile, imports grew by 16.8% in nominal terms and edged up slightly in real terms. Trade declined in both directions in the fourth quarter. The year ended with a trade surplus of CHF 43.5 billion.
In brief:
⇑ Exports: watches and jewellery set new records
⇑ Exports to Slovenia and Italy soared (+44.1% and +37.1%)
⇑ Energy imports doubled due to price spikes
⇑ Imports from the United States rose by a quarter
Export trend: ⇑     Import trend: ⇑

Swiss exports and imports, seasonally adjusted (in bn CHF), December 2022(see more posts on Switzerland Exports, Switzerland Imports, ) – Click to

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners.
Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially true. Recently Europeans started to increase their savings rate, while Americans reduced it. This has led to a rising trade and current surplus for the Europeans. But also to a massive Swiss trade surplus with the United States, that lifted Switzerland on the U.S. currency manipulation watch list.
To

Bern, 03.10.2022 – The figures for the year 2021 from the Federal Office for Customs and Border Security (OFDF) are again marked by the COVID pandemic. Due to the boom in e-commerce, the number of shipments seized for product piracy has once again increased significantly. Cases in the field of animal protection have also increased sharply. In addition, the number of records of migrants who entered Switzerland irregularly was higher than in 2020. Receipts increased slightly compared to the previous year.
The sharp increase in the number of cases in the field of animal protection (2021: 2560 / 2020: 654) is due, at least in part, to the pandemic. The importation of pets, especially dogs, has increased, as has the number of non-compliant imported animals.
Most

After jumping 5.9% in March, exports stagnated in April, however, rising to a high level of 20 billion francs. Imports confirmed their vitality in previous months, up 3.5% to 16.8 billion francs (actual: + 2.2%). The trade balance closes with a surplus of 3.3 billion francs.

Switzerland Trade Balance, April 2021(see more posts on Switzerland Trade Balance, ) Source: Investing.com – Click to enlarge

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Swiss foreign trade in salt has plummeted since 2010. Over the past ten years, exports have plunged 91% to 6,084 tonnes and imports by 69%. In 2019 and 2020, the amount of salt imported was greater than that exported, a phenomenon that had not occurred since 2009.

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