Bearbull Investment Insight – Flash note – Switzerland 2/3

Swiss exports experienced a decline in January, falling by -3.9% in real terms, despite a sharp rise in December. This slide highlights the ongoing struggle against weak global demand and the uncertainties associated with potential new trade tariffs from the US, which could indirectly impact Swiss trade. While the depreciation of the franc against the dollar failed to offset these external pressures, a positive note came from the Swiss watchmaking industry, which saw exports rise by +4.1%. A -1.9% drop in imports suggests a narrowing of the trade surplus, indicating that foreign trade will likely not be a significant contributor to GDP growth at the start of the year.