The unadjusted merchandise trade surplus rose from a smaller revised CHF4.74 billion in February to CHF6.35 billion in March 2025. This is larger than the CH3.83 billion posted a year ago. The yearly improvement reflected a 22.24 percent rise in exports and a 19.46 percent rise in imports. Unadjusted, export volumes decreased 0.33 percent on the month, however, import volume rose 9.67 percent.

Still, exports rose a seasonally adjusted 12.6 percent in March to 27.6 billion Swiss francs, a new monthly record, driven by strong exports of chemicals and pharmaceuticals to the United States. Imports also rose to a record, gaining 10.4 percent to 22.3 billion francs, resulting in a 5.3 billion surplus.

In the first quarter, exports increased 3.6 percent to 71.2 billon Swiss francs with imports gaining 5.9 percent to 60.5 billion francs, resulting in a 13.7 billion surplus also records. During the first three months of the year, imports gained for all twelve major product groups, reflecting broad demand.

In March, exports to the US were 8.9 billion, up 4.0 billion over the previous month, increasing 85 percent over the previous month, likely reflecting an acceleration ahead of tariffs coming into effect. On the other side of the ledger, imports from the US were 1.2 billion, increasing a modest 21 million francs.

The first quarter trade results extend the gains made in the fourth quarter of last year when exports rose 7.8 percent over the quarter and imports increased 3.3 percent. April's results will likely give the first hints on the first effects of the US tariffs.

The merchandise trade balance measures the difference between the total value of Swiss merchandise exports and imports. The focus is on the balance of trade in goods, excluding precious metals, gemstones, works of art and antiques. This is provided in unadjusted and seasonally adjusted measures for cash and volume.

Changes in the level of imports and exports along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect the value of the Swiss franc in the foreign exchange market. Switzerland's major trading partners include Germany, France, Italy and the United States. While Switzerland still exports large amounts of traditional products such as chocolate and watches, more than half of Swiss exports are in mechanical and electrical engineering and chemicals today. A positive trade balance indicates a trade surplus while a negative balance represents a trade deficit. Trade surpluses indicate that foreigners are buying more Swiss goods, which are typically paid for in Swiss Francs. This translates into greater demand for the currency and upward pressure on the value of the Franc. However, if the balance is a deficit, Swiss consumers are buying goods from trading partners which translates into higher demand for foreign currencies placing downward pressure on the value of the Franc.