Switzerland’s trade surplus set a new record high in 2015, amid modest declines in both exports and imports, figures from the Federal Customs Administration showed Tuesday.
The foreign trade surplus rose to CHF 36.61 billion from EUR 29.75 billion in the previous year. Exports fell 0.7 percent and imports dropped 0.5 percent.
Machine industry accounted for two fifths of total decline in exports, the agency said. Trade with USA and China reached record levels for a consecutive second year.
Despite the decline, exports were at their third-highest level ever at CHF 202.9 billion, the agency said. Further, a strong Swiss franc led to decline in prices, especially for imports.
In nominal terms, jewelry exports grew 6.2 percent in 2015. After setting a record high in the previous year, watch industry exports declined by 3 percent.
Exports to the USA climbed 6 percent to a new high, while those to the EU declined 4 percent. Shipments to Asia stagnated as the increase in exports to China, Japan, India, Singapore and Saudi Arabia was offset by a plunge in sales to Hong Kong.
Energy imports tumbled 30 percent in nominal terms, mainly due to falling oil prices. In real terms, there was 2.9 percent increase. Capital goods imports fell 4 percent and consumer goods arrivals decreased 4 percent.
There were glimmers of hope in the fourth quarter, the agency said, citing the 1.6 percent increase in exports and the modest 0.1 percent gain in imports during the period.
Compared to the previous three months, exports rose 3.6 percent and imports grew 2.7 percent.
In December, exports dropped a real 1.1 percent and imports fell 6.3 percent from a year ago. The trade surplus was CHF 2.5 billion, slightly lower than the CHF 2.9 billion economists had predicted.
The material has been provided by InstaForex Company – www.instaforex.com