Both exports and imports fell at an historic rate
In 2020, Swiss foreign trade was dominated by the corona pandemic. Both exports and imports fell at an historic rate. However, the trade balance closed with a new record surplus. Specifically, exports fell by 7.1 percent to 225.1 billion francs (208.6 billion euros) and imports by 11.2 percent to 182.1 billion francs, as the Federal Customs Administration (FCA) announced on Thursday.
Foreign trade slumped in both directions in an unprecedented way in the second quarter. After all, the international exchange of goods recovered at least partially in the third and fourth quarters.
According to the information provided, the annual values represented the second-highest annual decline after 2009 in both directions of traffic. At the same time, the level of foreign trade slipped towards the level of 2017. Since overall imports fell even more than exports, the surplus in the trade balance increased to a new high of CHF 43.0 billion (2019: CHF 37.2 billion).
With the exception of chemical-pharmaceutical products (plus 1.6 percent or plus 1.8 billion Swiss francs), all sectors showed a loss in 2020. The decline hit the bijouterie and jewelery as well as watches, whose sales dropped by a third and a fifth respectively. In addition, exports of machines and electronics as well as metals each fell by 11 percent.
