| Actual | Previous | Revised | |
| Balance | CHF5.606B | CHF8.141B | CHF8.094B |
Highlights
Switzerland's seasonally adjusted trade balance recorded a surplus of 5.6 billion Swiss francs in August 2026, narrowing from a surplus of 8.1 billion francs in July. The narrower surplus followed sharp declines on both sides of the ledger, driven almost entirely by the chemical and pharmaceutical sector.
Exports totaled 23.05 billion francs in August, down 17.2 percent from July on a nominal basis (down 8.6 percent in real terms). The decline followed a 14.6 percent nominal increase in July and brought exports back to March/April levels for the year. Imports fell 11.6 percent nominally to 17.44 billion francs (down 3.1 percent in real terms), the lowest monthly import figure since December 2021.
Chemical and pharmaceutical exports, which had surged 27.6 percent in July, dropped 32.2 percent, or 5.2 billion francs, in August, to 10.97 billion francs. Pharmaceutical products specifically fell to 7.70 billion francs, down 4.61 billion francs from July, with sera and vaccines accounting for much of the decline. Excluding chemical and pharmaceutical products, exports showed an overall positive trend for the month.
Exports to the United States fell 31.2 percent, or 1.38 billion francs, to 3.03 billion francs in August, following a 1.3 percent decline in July. North America overall saw exports drop 31.0 percent, the steepest regional decline of Switzerland's three major sales markets, ahead of Asia (down 18.9 percent) and Europe (down 9.1 percent).
Definition
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 alongside their respective export and import components.
Description
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.