Swiss Trade Monitor - 4th Quarterly Report 2023: Goods down Services up

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 fourth edition for 2023 sheds light on the forth quarter of the year for goods trade and the third quarter for services trade. Here are some key observations:

-- Switzerland's foreign goods trade in 2023 was about 2.5 percent lower than in the previous year. Imports were almost four percent down, partially due to lower prices. Exports were 1.2 percent below 2022 levels.

-- While pharma exports declined significantly, imports increased strongly to a new high. For other major product categories such as chemicals, machines, or manufactured goods both exports and imports are either plateauing or declining.

-- While goods trade with nations such as Slovenia or Italy flourishes, volumes with key partners such as Germany, France, 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.