Swiss Trade Monitor - 3rd Quarterly Report 2023: Diverging Developments

The Quarterly Reports of the Swiss Trade Monitor document time trends in Switzerland's foreign goods and services trade of the most recent completed quarter. Not only are exports and imports considered in total, but these are broken down to provide a detailed analysis of the trade development with Switzerland's largest trading partners. Due do differences in data release schedules, the third edition for 2023 sheds light on the third quarter of the year for goods trade and the second quarter for services trade. Here are some key observations:

Switzerland's foreign goods trade in the first nine months of 2023 is about two percent below the level of the previous year.

Not a single major goods category shows record level exports or imports. While for most categories the development is rather flat, observations for the exports of chemicals, machines, and manufactured goods are particularly negative.

While goods trade with nations such as Slovenia, Hong Kong, or Belgium flourishes, volumes with key partners such as Germany, China, or Spain are declining.

In contrast to the development observed with goods trade, the report shows that Swiss services trade is growing strongly - both on the export and import side.

Swiss services exports and imports are thriving with basically all major partner countries. Tourism exports have recovered fully from the COVID-related dip while transportation services are booming for both trade directions.