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.
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