Swiss Trade Surplus Widens as Import Demands Falter

Swiss April trade surplus widened to CHF2.56 bln from 0.15 bln in March (revised from 0.12 bln), on the back of deteriorating domestic demand. Exports fell by a sharp 17.5% y/y in nominal terms in April and were down 17.6% y/y in real terms, but imports fell by an even sharper 24.8% y/y in nominal terms. The data highlight how Switzerland’s important export sector is now suffering as global demand weakens. Meanwhile, negative import growth emphasizes dwindling domestic demand.