Swiss Trade Monitor - 2nd Quarterly Report 2024

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 Switzerland's trade development with its largest trading partners and most important product groups. Due to differences in data release schedules, the second edition of 2024 sheds light on the second quarter of the year for goods trade and the first quarter for services trade. Here are some key observations:

--- Switzerland's foreign goods trade in Q2 2024 was about six percent higher than in Q2 of 2023. Exports (+8 percent) grew faster than imports (+3 percent). Switzerland's quarterly goods exports surplus reached an all-time high of 16.2 billion Francs.
--- Both on the export and import side, pharmaceutical products stand out for high values and growth rates. While chemicals exports increased strongly as well, watch exports continue to stagnate.
--- Among trade partners, Slovenia again stands out. Both exports and imports grew at outstanding rates.
--- Exports and imports of services in Q1 of 2024 were slightly higher than in 2023 with growth rates of 2 and 5 percent, respectively.
--- Growth in Swiss services imports is mainly driven by the United States and transportation services while exports of ICT and tourism services are growing significantly.