Switzerland experienced a significant reduction in its foreign trade surplus in November compared to October, as exports declined more significantly than imports, according to the latest data released by the Federal Customs Administration.
The trade surplus narrowed to CHF 4.0 billion in November, down from CHF 6.0 billion in the previous month.
On a real terms basis, exports plummeted by 10.8 percent in November, reversing an earlier 11.4 percent decrease in October. Imports dropped by 2.8 percent, marking the first decline in three months.
In nominal terms, exports and imports fell by 11.0 percent and 3.6 percent, respectively.
The sharp decline in exports was largely attributed to the chemicals and pharmaceuticals sector, which saw a 16.6 percent decrease from the previous month.
There was also a decline in the shipments of food, drinks, and tobacco, which dropped by 12.2 percent, while machines and electronics saw a reduction of 7.3 percent.
As reported by the Federation of the Swiss Watch Industry, watch exports decreased by 3.8 percent annually in November. This overall downturn was largely influenced by a 5.8 percent reduction in steel watch shipments.
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