Data released on May 28 shows a significant fall in Swiss imports and exports during the month of April, dropping 24.9% and 17.5% respectively.
According to the Federal Customs Administration, exports increased slightly in comparison to March, reaching CHF15.46bn, while imports amounted to CHF12.9bn. The decline in trade is the sharpest drop in twenty years. The IMF, which has projected a 3% recession in Switzerland in the coming year, has already warned that the Swiss government may be forced to implement a stimulus package by the end of the year to revive domestic spending.
Switzerland’s central bank has already taken steps to reduce the value of the franc, particularly against the euro, in order to boost exports.
Switzerland’s export-dependent economy has been struck in many of its economic sectors. Swiss watches in particular have suffered in the past twelve months. Data from the Swiss Watch Federation showed a 26% decline in watch exports due to reduced consumer spending on luxuries. Statistics show that exports within its mid-range category, watches between CHF500 and CHF3,000, fell the most during April at 35%. Watches in the upper price category (over CHF3,000) declined 22%, while watches with value of CHF200-CHF500, declined less at 13%.
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