Suisse Balance Commerciale

Switzerland’s trade surplus narrowed to CHF 3 billion in December 2025, from an upwardly revised CHF 3.9 billion in November. Imports fell 1% month-on-month to CHF 19.5 billion, driven by a decline in chemical and pharmaceutical products (-1.4%), which offset gains in machinery, electronics, and equipment (1.3%) and food, feed, and luxury food products (1.1%). Imports from Europe decreased 2%, with Eurozone countries down 1.4% and non-Eurozone countries falling 3.5%. Meanwhile, exports dropped 4.5% month-on-month to CHF 22.5 billion, primarily due to lower sales of chemical and pharmaceutical products, which fell 10.7%. Exports to the US declined 22.4%, reversing a 7.6% gain in November. However, US-bound exports for 2025 still rose 3.9% to hit a record CHF 54.7 billion, despite President Trump’s 39% tariff, which was the highest among advanced economies. For the full year, Switzerland’s trade surplus reached CHF 54.3 billion, with exports increasing 1.4% and imports rising 4.5%.