Swiss exports hit new quarterly record
Swiss exports matched and surpassed their recent growth, with pharmaceuticals leading the charge.
Swiss exports for the second quarter of 2018 totalled 55.7 billion francs (€47.8 billion), a new quarterly record, states a communication from the Swiss Federal Customs Administration.
Pharmaceuticals, machinery, precision instruments and watchmaking were some of the sectors that registered new heights, thanks in part to record exports to China, the USA and Germany.
Other sectors that registered positive growth were jewellery, cars, food, beverages and tobacco. Swatch, the world's largest watchmaker, announced record sales in the USA for 2018.
"Consumer demand, particularly from millennials, for authentic innovative brand products is greatly increasing on a worldwide scale, regardless of region or price segment," Swatch said in a statement.
But pharmaceuticals were the driving force behind the surge in exports, representing 42 per cent of the global growth. Swiss pharmaceutical giant Novartis saw its net profit in the second quarter rise to $7.8 billion (€6.7 billion), as net sales jumped nine percent to $13.2 billion (€11.33 billion).
Asia was the key market behind the growth in exports, but the USA and Europe also proved to be fertile ground for Swiss products. Swiss exports to Germany were on a record high (+4.5 per cent), but some sectors also registered substantial growth in other EU markets.
Swiss jewellery firms in France, for example, reported an increase of 598 million francs (€513 million) in the second quarter of 2018.
While exports continued to hit new record highs for the fifth quarter in a row, imports declined, due primarily to a 51 per cent reduction in the import of aeronautical vehicles, communicated the customs administration.
The value of Swiss exports has grown by 4.8 billion Swiss francs (€4.1 billion) since the first quarter of 2017. The 2018 second quarter trade balance surplus was 4.58 billion Swiss francs (€3.9 billion), an increase of 1.4% in seasonally adjusted terms.
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Swiss exports for the second quarter of 2018 totalled 55.7 billion francs (€47.8 billion), a new quarterly record, states a communication from the Swiss Federal Customs Administration.
Pharmaceuticals, machinery, precision instruments and watchmaking were some of the sectors that registered new heights, thanks in part to record exports to China, the USA and Germany.
"Consumer demand, particularly from millennials, for authentic innovative brand products is greatly increasing on a worldwide scale, regardless of region or price segment," Swatch said in a statement.
But pharmaceuticals were the driving force behind the surge in exports, representing 42 per cent of the global growth. Swiss pharmaceutical giant Novartis saw its net profit in the second quarter rise to $7.8 billion (€6.7 billion), as net sales jumped nine percent to $13.2 billion (€11.33 billion).
Asia was the key market behind the growth in exports, but the USA and Europe also proved to be fertile ground for Swiss products. Swiss exports to Germany were on a record high (+4.5 per cent), but some sectors also registered substantial growth in other EU markets.
Swiss jewellery firms in France, for example, reported an increase of 598 million francs (€513 million) in the second quarter of 2018.
While exports continued to hit new record highs for the fifth quarter in a row, imports declined, due primarily to a 51 per cent reduction in the import of aeronautical vehicles, communicated the customs administration.
The value of Swiss exports has grown by 4.8 billion Swiss francs (€4.1 billion) since the first quarter of 2017. The 2018 second quarter trade balance surplus was 4.58 billion Swiss francs (€3.9 billion), an increase of 1.4% in seasonally adjusted terms.
READ MORE: Swiss-based G20 regulator unveils plan to monitor cryptocurrency threat
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