Swiss Exports in June Weighed Down by Decline in Pharmaceutical Products

Only the watch and vehicle sectors bucked the general downward trend. Overall, Swiss exports in June 2026 fell by 4.3 percent in nominal terms on a seasonally adjusted basis compared with the previous month, to 24.3 billion francs, as reported by the Federal Office of Customs and Border Security (BAZG) on Tuesday. In real terms—that is, adjusted for price changes—the decline was as much as 6.0 percent.

Thanks to the strong performance in the preceding months, the overall picture for the second quarter remained reasonably positive. At 73.2 billion Swiss francs, exports reached the third-highest level in history.

Exports rose by 8.8 percent in the second quarter of 2026 compared with the previous quarter; in real terms (+0.6%), however, growth remained modest. According to the BAZG, while this marks the end of the four-quarter losing streak, exports continue to show a downward trend.

Six of the ten most important product groups showed an increase in the second quarter of 2026. The product group with the highest sales—chemical and pharmaceutical products—recorded a 15.2 percent increase. According to the BAZG, exports of electricity also saw a notable increase.

It is also worth noting the increase in the machinery, electronics, and equipment sector, whereas exports of watches declined slightly (-1.1%).

Exports to the U.S. Up Sharply

From a regional perspective, the picture varied greatly. Exports to North America—and especially to the U.S.—rose by more than one-fifth in the second quarter.

Exports to Asia rose by 6.8 percent, while exports to Europe remained virtually flat, with an increase of 0.3 percent. Significant increases in exports to Belgium, Germany, and France were offset by noticeable declines in exports to Slovenia, Italy, and Austria.

Meanwhile, total imports rose by 3.3 percent to 20.5 billion francs during the reporting month; in real terms, however, they fell by 1.6 percent. Chemical and pharmaceutical products posted double-digit growth for the second consecutive month.

As a result, the trade surplus amounted to 3.8 billion. For the second quarter as a whole, the trade surplus totaled 13.9 billion francs. In the same quarter of the previous year, it had been 15.8 billion.