Economy Swiss exports reach record levels in March and the first quarter
The Swiss export industry set new records in March, as it did in the first quarter of 2025 as a whole. Swiss pharmaceutical products in particular were in demand abroad.
17.04.2025, 09:59
SDA
In March, seasonally adjusted exports grew by 12.6% (+3.2% in real or price-adjusted terms) to a new record value of CHF 27.6 billion. This is over 3 billion more than the previous record value, as reported by the Federal Office for Customs and Border Security (FOCBS) on Thursday. The main driver was high exports of chemical-pharmaceutical products to the USA.
The situation was similar for the entire first quarter. After foreign trade had already increased in the last quarter of 2024, it also set new records in the first quarter of the current year thanks to the chemical-pharmaceutical sector.
Exports in the period from January to March rose by 3.6% on a seasonally adjusted basis to 74.2 billion (-5.7% in real terms). Imports also set a new record for a three-month period with an increase of 5.9% to CHF 60.5 billion. This resulted in a surplus of CHF 13.7 billion in the trade balance.
Almost all sectors strong
With the exception of vehicles, all product groups reported an increase in exports in the first quarter of 2025, albeit at different rates, according to the BAZG. At CHF +2.3 billion, chemical-pharmaceutical products made the largest contribution to the overall increase - albeit exclusively due to prices. Since the final quarter of 2023, the development of this group has shown a clear upward trend overall.
There was also growth in jewelry and jewelry goods, precision instruments and the machinery and electronics divisions. According to the press release, the former recorded the third consecutive quarterly increase and the highest foreign sales since the fourth quarter of 2024. Exports of watches reported a slight increase, following a downward trend since the first quarter of 2024.
Double-digit growth in the USA
All major sales regions reported an increase. Deliveries to North America expanded with a double-digit increase (16.6%) (USA +17.4%). Meanwhile, exports to Asia rose by just 1.0%, with South Korea (+16.2%) and the United Arab Emirates (+10.0%) making the biggest contributions to the positive trend. Exports to China, on the other hand, declined by -1.1%, continuing the downward trend that has been ongoing for three quarters, writes the BAZG.
Exports to Europe also increased only slightly at +0.4%. While Italy (+9.0%), France (+3.1%) and Germany (+3.0%) recorded increases, sales to Slovenia (-13.5%) slumped.
All positive for imports
On the import side, all twelve product groups recorded a positive trend in the first quarter of 2025 compared to the previous quarter, contributing to the record result. At +2.5 billion Swiss francs or +12.6%, imports of chemical-pharmaceutical products recorded the strongest growth by far.
The energy sources (price-related), metals, vehicles, precision instruments and food and beverages sectors also recorded notable cumulative growth of CHF 679 million. The latter thus increased for the fifth quarter in a row, according to the FOCA.
In terms of regions, imports from all three major procurement areas increased. In Europe (+7.6%), increased purchases from Slovenia (Chemical-Pharmaceutical), Germany, Italy and France totaling CHF 2.8 billion were the decisive factor. For Germany, the increase of 4.4% was the highest in three years.
Imports from Asia (+1.0%) and North America (+4.2%; USA +7.2%) were also up on the previous quarter. In Asia, imports from Singapore fell by a further 75 million to 313 million - an overall decline of more than two thirds compared to the first quarter of 2024. In contrast, imports from China, which have increased continuously since the second quarter of 2024, rose by 128 million.
