Swiss foreign trade continued to grow in the third quarter of 2026. Seasonally adjusted exports rose by 2.6% in nominal terms from the previous quarter to 75.0 billion francs. In real, price-adjusted terms, growth was 3.3%. The Federal Office for Customs and Border Security published the figures on 20 October. [1]
Imports reach a nominal record
Imports increased by 1.8% in nominal terms to an all-time high of 61.0 billion francs. In real terms, however, they fell by 1.4%. This apparent contradiction reflects the effect of prices: the value paid in francs increased even as the price-adjusted volume declined. [1]
The distinction is central to interpreting the figures. Nominal values show current monetary value, while real values remove price changes and give a clearer view of volume.
A 14-billion-franc surplus
With exports worth substantially more than imports, the trade balance produced a surplus of 14.0 billion francs. In the second quarter, nominal exports had reached 73.2 billion francs and imports 59.3 billion. The comparison shows that both flows continued to rise in franc terms. [1][2]
Positive export signal, but not the whole economy
Real export growth is a positive signal for foreign demand for Swiss goods. One quarter does not, however, provide a complete assessment of the economy. Merchandise trade excludes many services, domestic consumption, investment and employment. Large industries and volatile prices can also exert a strong influence on the totals.
The coming quarters will show whether real export growth continues and whether real imports recover from their decline.
*Image: AI-generated illustration; OpenAI / Helvetia.rocks Editorial Desk; licence: AI-generated.*