Editor's Note
This editor’s note highlights the key facts and market implications behind “Swiss Exports to the USA Plummet”, with emphasis on sourcing, product fit, fabrication, logistics, or buyer impact.
Trump's tariffs have dealt a blow to Swiss exports to the USA.
Swiss exports fell by 4.2% in the first quarter to 66.9 billion Swiss francs, "their lowest level since the third quarter of 2021," customs announced on Tuesday. Imports, for their part, fell by 4.7% compared to the previous quarter to 55.8 billion francs. The trade balance closed the quarter with a surplus of 11 billion francs, compared to 11.26 billion in the fourth quarter, the Federal Customs Office said in a statement.
Exports were dragged down by the chemicals and pharmaceuticals sector, which carries the most weight in Switzerland's trade balance. Exports from this sector contracted by 8.1% to 33.6 billion francs, despite a rebound in March. The machinery and electronics equipment sector, the second-largest export sector, stagnated at 13 billion francs.
In the first quarter, Swiss exports to the United States decreased by 15.6%, "falling back to their lowest level since the last quarter of 2020," detailed the Federal Customs Office. They also fell by 9.8% to China and 5.9% to Japan but increased by 3.5% to the European Union, masking a mixed evolution by country. While rising 5.4% to Italy and 6.9% to France, Swiss exports fell by 6.1% to Germany, its main trading partner in Europe.
The conflict in the Middle East had prompted the Ministry of Economy in mid-March to reduce its growth forecast for 2026 to 1%, from 1.1% previously expected. It had reduced its forecast for goods exports to 1%, from 1.2% previously expected in its December estimates, considering that "the timid growth in global demand" and "the strong franc" risk weighing on the industry.
Source: Read the original article | Published: April 21, 2026