Latest data released by the Swiss Federal Statistical Office

Swiss trade balance
  • Exports -5.0% m/m
  • Prior +1.0%; revised to +1.7%
  • Imports +3.7% m/m
  • Prior -1.5%; revised to -1.6%
  • Swiss watch exports -2.8% y/y
  • Prior +3.9%; revised to +4.1%

Mind you, the 5% monthly drop in exports is in real terms and is seasonally adjusted. It's a pretty worrying sign even if the Swiss economy isn't heavily reliant on exports as it tends to lean more on its banking sector and tourism. If anything, it highlights that no country is immune to the global growth slowdown we're seeing.

The positive thing here is that imports is holding up so domestic demand/consumption remains robust but that's a real minute factor if you want to consider it that. A minor data point as a whole though, not going to change the SNB's outlook all too much so it isn't going to impact the swissie as well.