Swiss trade weakened at the start of 2026. Exports fell by 4.2% in the first quarter, compared with the previous three months, to CHF 66.9bn, according to the Federal Office for Customs and Border Security (FOCBS). That is their lowest level since late 2021.
There were signs of a rebound in March. Seasonally adjusted exports rose by 1% to CHF 22.4bn after a sharp fall in February. In real terms, however, they continued to decline, dropping by 3.4%.
The broader picture is weak. Eight of the ten main product groups recorded falling exports. Chemicals and pharmaceuticals—by far the largest category—were hit hardest, declining by 8.1% and accounting for much of the overall drop. The sector has now been shrinking for four consecutive quarters.
A few industries bucked the trend. Watch exports rose by 2.1% in the quarter, while vehicle exports increased by 1.2% to a record CHF 1.8bn.
US trade a key drag. Exports to North America fell by 14.4%, with shipments to the United States down by 15.6% to CHF 9.8bn—the lowest level since the end of 2020. Exports to Asia also declined, mainly because of weaker demand from China and Japan. Europe was the only major market to post a modest increase.
Imports also fell, dropping by 4.7% to CHF 55.8bn in the first quarter. Six of eleven product groups recorded declines, notably chemicals and pharmaceuticals, jewellery and precious metals, and vehicles.
Here, too, March brought a rebound. After a weak February, imports rose by 10.1% to CHF 19.6bn.
Asia stood out. Imports from China and especially South Korea increased, with shipments from the latter reaching a record CHF 1.1bn in the quarter after several periods of strong growth. Trade with Russia remains subdued. In March, imports totalled just CHF 4m, with no gold of Russian origin. Exports amounted to CHF 146m, largely in chemicals and pharmaceuticals.
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