Switzerland’s trade surplus decreased in the first quarter, as imports rose faster than exports, data from the Federal Customs Administration showed on Tuesday.
Exports increased 2.4 percent sequentially in the first quarter, after a 2.0 percent drop in the fourth quarter.
Imports grew 2.7 percent in the first quarter, after a 0.9 percent fall in the previous quarter.
In nominal terms, exports rose 1.2 percent quarterly and imports grew 6.7 percent in the first quarter.
The trade surplus rose to CHF 8.731 billion in the first quarter from CHF 11.487 billion in the previous quarter. In the first quarter of 2021, the trade surplus was CHF 11.444 billion.
In March, exports declined a seasonally adjusted 8.2 percent monthly in March, after a 7.7 percent growth in February.
Imports increased 1.2 percent month-on-month in March, after a 0.9 percent fall in the prior month.
According to the Federation of the Swiss Watch Industry, watch exports grew 11.8 percent year-on-year in March.