Swiss exports back to pre-pandemic levels
This represents an increase of 3.7% over the previous quarter, or 2.5% when adjusted for inflation. Since the first quarter of 2021, exports have been back to their pre-Covid 19 levels, the FCA said on Tuesday.
Imports also rose, passing the CHF50 billion mark again, but still remaining CHF2.5 billion below their record level in the third quarter of 2019. The trade balance thus reached a historic level with a quarterly surplus of 12.56 billion francs.
While chemical and pharmaceutical products were the main contributor to the increase in exports, those of precision instruments and watches, up by 4% and 3.6% respectively, reached record levels, reports the FCA.
Annual statistics for last year reflected a sharp drop in foreign trade as a result of the Covid-19 pandemic. Exports and imports declined by CHF40 billion in 2020, setting foreign trade levels back by three years. ■