Switzerland’s merchandise trade data for July presented a mixed but largely resilient picture, with exports increasing sharply while imports declined. According to the Swiss Federal Customs Administration, monthly exports rose to CHF 28.678 billion, up from CHF 26.616 billion in June, a 7.7% month-on-month increase. At the same time, imports fell to CHF 19.948 billion from CHF 21.392 billion in June, representing a 6.8% monthly decline.
The export rebound was driven by stronger overseas demand for Swiss precision instruments, pharmaceuticals, and machinery. Even with the Swiss franc trading at historically strong levels, the July figures suggest that Swiss exporters remain competitive in high-value markets. The United States and Asia were cited as key sources of robust demand. Year-to-date, Swiss exports have grown moderately, with the July figure bringing the 2025 monthly average to approximately CHF 27.5 billion, slightly above the 2024 average.
On the import side, the decline points to softer domestic demand and possible inventory adjustments by businesses. The July import level was below the 12-month average of around CHF 20.5 billion, indicating a more pronounced contraction than typical seasonal patterns. Analysts will monitor August data to determine whether this marks a one-off adjustment or the beginning of a trend.
The combination of rising exports and falling imports is expected to widen Switzerland’s trade surplus. Because exports account for roughly a third of Switzerland’s GDP, the data may support the Swiss National Bank’s current monetary policy stance. However, sustained import weakness could weigh on second-half growth forecasts if it signals cooling consumer and industrial demand.
