Exports declined for a second consecutive month, while imports rose in the past three, leaving a trade balance of 3.841 billion Swiss francs in November following a revised 4.203 (4.320) billion in October.

Imports rose 6.7 percent year-on-year to 19.637 billion francs to start the third quarter, while exports contracted 3.9 percent to 23.478 billion after a 9.4 percent contraction in October.

The surplus with the United States increased to 3.357 billion francs in November from 3.006 billion in October on exports of 4.433 billion and imports of 1.076 billion. With the European Union, another major trading partner, Switzerland registered a 2.048 billion francs deficit in November, exporting 12.138 billion while importing 14.186 billion.

Chemical and pharmaceutical exports rose modestly to 12.672 billion francs from 12.480 in October, while imports fell to 7.028 billion in November from 7.510 in October leaving a surplus of 5.644 billion francs.

As it stands, some of the volatility in the trade figures has calmed in the wake of a, albeit unpopular, trade agreement with the United States. That could change when the US Supreme Court announces its decision on the legality of 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.