Swiss Trade Monitor - 1st 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 first edition of 2024 sheds light on the first quarter of the year for goods trade and the fourth quarter for services trade. Here are some key observations:

-- Switzerland's foreign goods trade in Q1 2024 was about eight percent lower than in Q1 of 2023. Both imports and exports fell by eight percent.
-- While pharma exports declined significantly, imports grew in a YoY-comparison with Q1 of 2023. Large declines in mineral fuels (HS-27) decreased both imports and exports. This partially reflects price changes.
-- While goods trade with nations such as Italy and especially Slovenia 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.
-- Growth in Swiss services imports is mainly driven by transportation services while exports of ICT and tourism services are growing strongly.