Swiss Trade Surplus Shrinks In Q3

(RTTNews) - Switzerland's foreign trade surplus decreased in the third quarter as exports fell faster than imports, data from the Federal Customs Administration showed on Thursday.

The trade surplus dropped to CHF 11.3 billion in the third quarter from CHF 12.6 billion in the second quarter. In the same period last year, the surplus was CHF 10.5 billion.

In real terms, exports plunged 5.9 percent over the quarter versus a 3.2 percent recovery in the June quarter. At the same time, imports fell at a comparatively slower pace of 0.9 percent, following a 1.3 percent decline in the second quarter.

Nominal exports fell 4.3 percent, and imports were 2.9 percent lower.

In September, the trade surplus decreased somewhat to CHF 3.9 billion from CHF 4.0 billion in August. Real exports declined 3.5 percent compared to August, while imports rose by 0.6 percent.

Another report from the Federation of the Swiss Watch Industry showed that watch exports decreased sharply by 12.4 percent on a yearly basis in September. China and Hong Kong slowed down significantly and accounted for two-thirds of the decline.