Swiss Exports Fall 2.8%

(RTTNews) - Switzerland's exports declined for the second consecutive month in November, primarily caused by a plunge in demand for chemicals and pharmaceuticals, data from the Federal Customs Administration showed on Tuesday.

Exports decreased by a real 2.8 percent monthly in November, following the 2.2 percent fall in the previous month.

Imports also logged a negative growth of 0.6 percent over the month, after a 0.3 percent drop in October.

In nominal terms, exports plunged 9.2 percent from a month ago, while imports rebounded by 1.4 percent.

The decline in exports in November was largely led by the 19.9 percent slump in outflows of chemical and pharmaceutical items, the agency said.

The trade surplus for November was CHF 0.494 billion versus CHF 2.902 billion in the previous month. Further, this was the lowest trade surplus since the start of the year.

According to the Federation of the Swiss Watch Industry, watch exports grew 10.9 percent year-on-year to CHF 2.4 billion in November, which was the best-ever performance.