Swiss trade surplus widens in October

Note: This section contains information in English only.
Source: RTTNews
© scanpix/reuters
Swiss trade surplus widened significantly in October, according to data released by the Federal Customs Administration. The trade surplus jumped from CHF 1.93 billion in September to CHF 2.8 billion in October. However, the exports dropped 7.7% adjusted to year-on-year basis in October, after a decline of 6.4% the prior month. Meanwhile, the imports rose 4.6% year-on- year last month, after tumbling 5.7% in September.
The top performers in exports were watches by surging 13.2% in October to CHF 2.1 billion. Throughout the first 10 months this year, the value of exports soared 13.7% compared to the last year's first 10 months.
"Exports are still rather weak. If you look at the main industries like machinery, they are still in negative territory year-on-year. I wouldn't say there was a change in the trend for the export sector. It's still a challenging environment with a strong Swiss franc. We think the Swiss National Bank will stick with its exchange rate floor for the time being as there is no visible rebound of the exports," said Maxime Botteron, economist at Credit Suisse.
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