Latest data released by the Swiss Federal Statistical Office - 18 October 2018
- Prior CHF 2.13 billion; revised to CHF 2.08 billion
- Exports -0.8% m/m
- Prior +0.6%; revised to -0.3%
- Imports -0.4% m/m
- Prior -2.8%; revised to -2.5%
- Swiss watch exports -6.9% y/y
- Prior +5.5%; revised to +5.6%
A slightly larger trade surplus relative to August but the monthly exports and imports figures are down and the negative revision to exports for August isn't really a good sign as well. Global trade tensions may be starting to take its toll on the Swiss economy and that will certainly start to raise some risks to the SNB's economic outlook. However, it's nothing too concerning yet at this point.
