Swiss foreign trade showed a significant recovery in the second quarter of 2026. After four consecutive declining quarters, seasonally adjusted exports rose nominally by 8.8 percent compared to the first quarter, reaching 73.2 billion francs. This represents the third-highest quarterly value in Swiss foreign trade statistics. However, price-adjusted growth was considerably lower at 0.6 percent.
Imports also increased. They rose nominally by 4.9 percent and in real terms by 1.5 percent to 59.3 billion francs. The trade balance surplus amounted to 13.9 billion francs. In the second quarter of 2025, it was still 15.8 billion francs. The surplus remains high but falls below the prior-year quarter.
The main driver of the export recovery was again the chemical and pharmaceutical industry. Their exports increased compared to the previous quarter by 15.2 percent, or approximately 5.1 billion francs. Antisera, vaccines, and pharmaceutical products showed particularly strong growth. Machinery, electronics, and electricity exports also increased. Watch exports, by contrast, declined slightly.
The regional picture was mixed. Exports to North America rose by 21.8 percent, those to the USA by 21.5 percent. Asia increased by 6.8 percent. In Europe, however, Swiss exports stagnated with an increase of just 0.3 percent. Higher shipments to Germany, France, and Belgium were offset by declines to Italy, Austria, and Slovenia.
For imports, nearly all major commodity groups recorded increases. Approximately half of the import growth came from chemicals and pharmaceuticals. Imports from China increased by 13.2 percent, or 628 million francs.