"So far, 2013 has been in phase with the forecasts. Growth is still the order of the day, but on a more measured basis than in previous years. In other words, the rate of advance is returning to normal, enabling the results to be consolidated at a high level."
-The Federation of the Swiss Watch Industry
Swiss trade surplus, a difference between imported and exported goods, fell more than expected last month, the latest report from the Federal Customs Administration unveiled Thursday. The surplus fell to 2.38 billion francs in July, down from 2.8 billion a month earlier, while analysts expected a figure of 2.6 billion. The main reason for such a weak performance was a steep fall in exports, while imports, in contrary, advanced. According to the report, shipments from Switzerland declined 1.9% both on a monthly basis and annual basis when being adjusted to working day variations. On an unadjusted basis, however, exports climbed 3% higher from a year ago. Imports, meanwhile, gained 3.2% from a month earlier, recovering from a 2.6% drop in June.
Separately, the Federation of the Switch Watch Industry FH said that watch exports increased 2.2% on annual basis, as a result of improved demand in Europe and easier comparisons, however, Swiss watchmakers continued to struggle with overstocking in Asian markets. Shipments of domestically-produced watches stood at 2.02 billion francs in July, up from previous month's figure of 1.97 billion. Overall, the pace of growth for industry exports has slowed significantly since the beginning of this year. Exports from country is still falling, even despite the support from the SNB, which imposed a cap on soaring Franc 2 years ago.
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