Latest data released by the Federal Statistics Office - 28 May 2019

  • Prior CHF 3.18 billion; revised to CHF 3.25 billion
  • Exports -0.6% m/m
  • Prior +0.1%; revised to -0.5%
  • Imports +1.5% m/m
  • Prior -3.2%; revised to -3.3%

The narrower trade surplus comes as a result of weaker exports and stronger imports on the month. The former is very much reflective of weaker export conditions in the euro area while the latter is a bright spot as there is some improvement in domestic demand following a heavy decline seen in the month of March.

Nonetheless, there's nothing much else to gather from the report here and it doesn't offer much of anything new to the SNB.