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: ⇒ . 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
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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
Export trend: ⇒ Import trend: ⇒ |
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Global evolutionAfter 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 their slump, but also posted a record quarterly result. Seasonally adjusted imports, for their part, increased by 2.2% (actual: −0.8%), to generally stand still over the last quarters. The trade balance surplus stood at 12.4 billion francs, the largest ever recorded. Exports: machinery and electronics as well as metals in continuous decline since the 2nd quarter of 2022In the 2nd quarter of 2024, the overall increase in exports (+4.0 billion francs) was based almost exclusively on chemical and pharmaceutical products. Here, raw and basic materials saw their turnover take off by 1.1 billion francs (+14.5%); sales in this segment thus doubled over one year to peak at 8.4 billion francs. Medicines were not left out with +914 million francs. Vehicles and precision instruments also advanced, while watchmaking stagnated at a high level. Conversely, the machinery and electronics sector as well as the metals sector have been suffering for several quarters. Since their record result in the 2nd quarter of 2022, each has seen their exports drop by almost half a billion francs. All major markets posted an increase in the 2nd quarter. Sales soared by a fifth to North America (USA +21.2%; pharma). Those on the European and Asian continents gained 4.2 and 3.3% respectively. On the first, Slovenia, Austria and France stood out; together, they generated 1.1 billion francs in additional exports. Within the second, cumulative shipments to China and Japan increased by 232 million francs. |
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Imports from Singapore at lowest since 2017If, during the 2nd quarter of 2024, five groups of goods out of twelve recorded an increase in imports, chemical and pharmaceutical products alone explained the overall development. This sector actually posted an increase of 1.5 billion francs or 8.1%. Here, imports of medicines have increased by more than a billion francs over one quarter. Inflows of metals also increased (+3.6%), a first in eight quarters.
Among the main supply markets, only Europe showed negative figures (+4.7%). Here, Slovenia, France and Austria grew together by 1.3 billion francs. Conversely, imports from Asia and North America fell by 2.9 and 7.2% respectively (USA: –8.0%). The Asian continent has thus seen decline after decline since the 2nd quarter of 2022. Entries from Singapore have plummeted (–754 million francs), plunging to their lowest level since 2017. For their part, Japan, South Korea South and China evolved on the right side of the bar (cumulative: +427 million).
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Foreign trade with Russia
In June 2024, imports from Russia amounted to 54 million francs, of which 53 million (785 kilograms) resulted from deliveries of gold of Russian origin from the United Kingdom. These gold arrivals met the conditions applicable at the time of their importation. Exports to Russia reached 263 million francs, of which 229 million came from chemicals and pharmaceuticals.
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