Swiss export grew by 7% in August

400The encouraging data coming from exports have once more convenced the Swiss government to review forecasts for the 2016. Swiss foreign trade still growing in August and exports recorded a nominal increase of 7% (actual: + 1.2%) over the same month of 2015, rising to 16.1 billion Swiss francs, as the Federal Customs Administration indicates in a note today and now the Swiss economy is expected to grow by 1,5% in 2016. The precedent data indicated +1,4%.

Imports grew by 8.4% (+ 5.1% in real terms, ie adjusted by the evolution of prices) to 13 billion while the trade balance closed with a surplus of 3 billion francs.

The increase in foreign trade was led by the pharmaceutical and chemical industry, where exports grew 25% year over year, while  the fall of the watchmakers continues (-12.9%), as well as the figure for the machinery sector and electronics (6%) is negative.

Export growth almost exclusively in North America (+ 22%) and Europe (+ 10%), while Asia recorded -7% and Latin America 10%.

"Trade is very important to the Swiss economy, and this year a lot of growth impulses are coming from foreign trade," said Ronald Indergand, head of short-term economic analysis at State Secretariat for Economic Affairs  (SECO).

"It's a varied picture across different sectors, and some areas like tourism and manufacturing are still finding it tough. But some like machinery, electronics and metals are doing somewhat better, so at the moment it looks like the franc shock has really bottomed out."

Brexit's impact should be limited, "As long as this situation continues, there is a good chance that the negative economic effect of a Brexit will remain largely limited to the UK itself and will have only a moderate impact on Continental Europe and other regions around the world," it said. SECO forecasts Swiss economy will grow by 1,8% in 2017.


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