"Thanks to the minimum exchange rate the franc was stable in 2012, and since the start of 2013 has lost some of its strength"
- Analysts at Credit Suisse Group AG
The trade surplus in Switzerland widened last month on the back of strong exports of watches. According to the Federal Customs Administration, the economy reached a trade surplus of 2.126 billion Swiss francs in January, beating expectations of 2.1 billion Swiss francs, an increase from 0.9 billion Swiss francs recorded in the preceding month. Shipments from the country soared 3.8% to 16.738 billion Swiss francs in the first month of 2013 compared with a significant drop of 13.5% to 13.959 billion Swiss francs reported in the last month of 2012. The increase of surplus value was mostly provided by the watch industry, which recorded an increase of 10.8% to 1.474.4 billion Swiss francs in January.
"Thanks to the minimum exchange rate the franc was stable in 2012, and since the start of 2013 has lost some of its strength," said analysts at Credit Suisse Group AG. "Simultaneously with the depreciation, industry appears to have finally passed the trough," they said.
"We've seen a net decline but, of course, the month had two working days less," said Alessandro Bee, an economist at Sarasin. "Adjusted for this, there was still a drop but not as strong. This reflects the recession in Europe."
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