Swiss Trade Surplus Shrinks In May

(RTTNews) - Switzerland's foreign trade surplus decreased notably in May from a month earlier as exports plunged amid an increase in imports, data from the Federal Customs Administration showed on Thursday.

The trade surplus dropped to CHF 1.98 billion in May from CHF 5.43 billion in April.

In real terms, exports fell sharply by 10.2 percent over the month, faster than the 3.7 percent decline in April. Meanwhile, imports rebounded 0.5 percent after a 10.4 percent slump in the prior month.

Exports of chemical and pharmaceutical products alone tumbled by 18.7 percent, and those of clocks declined by 20.3 percent.

In nominal terms, both exports tumbled 13.6 percent, while imports rose by 0.8 percent.

According to the Federation of the Swiss Watch Industry, watch exports logged a decline of 9.5 percent annually in May. The significant fall was mainly impacted by the downturn in the US market, following a peak in April driven by anticipation of the increase in tariffs