Strong franc drives 2015 trade surplus to record
AFP/The Local · 26 Jan 2016, 18:11
Published: 26 Jan 2016 18:11 GMT+01:00
- Swiss watch exports drop for first time since 2009 (26 Jan 16)
- Pharma exports rise as watch sales slump (22 Dec 15)
- Swiss set record trade surplus as imports slump (19 Nov 15)
It has been just over a year since the Swiss National Bank made the shock decision to scrap efforts to stop the franc from rising against the euro, a move which continues to have consequences domestically and abroad.
Compared to 2014 figures, exports fell 2.6 percent to 202.9 billion Swiss francs, the federal customs administration (FCA) said, noting that nine out of ten sectors monitored finished 2015 in the red.
Exports were nonetheless the third highest on record, the FCA said.
The crucial machines and electronics sector saw a seven-percent export decline, while chemical and pharmaceuticals ticked down slightly, with a one-percent fall.
Swiss watch exports saw their first fall in six years, largely driven by plunging demand in Hong Kong.
With the strong franc making Swiss goods more expensive for consumers worldwide, jewellery was the only sector that recorded an increase (six percent) in 2015.
Imports dropped 6.9 percent compared to 2014 in value terms to 166.3 billion francs as the rising franc led to a decline in price for foreign-made goods.
The Swiss franc has appreciated about nine percent against the euro over the last 12 months.
However, amid the weak export results, the francs weakened, with the euro on Tuesday trading above 1.10 francs for the first time since September.
This remains well below the 1.20-franc floor maintained by the Swiss central bank for more than three years before it abandoned the policy in January 2015.