Advertisement

Strong franc slowed Swiss trade in 2011

AFP
AFP - [email protected]
Strong franc slowed Swiss trade in 2011

Switzerland's trade performance was muted in 2011 as the strong Swiss franc and gloomy global economic outlook took their toll, official figures showed on Thursday.

Advertisement

Exports in 2011 rose 2.1 percent to 197.6 billion francs while imports were up 1.9 percent at 173.7 billion francs, both figures well still well below 2008 highs, the customs administration said.

In December alone, exports were flat at 15.6 billion francs ($17 billion) while imports dropped 5.3 percent to 13.6 billion francs.

The trade surplus for the year at 24 billion francs was still a record, up 22 percent from 2010, the customs said.

"While demand from Asia flourished, it stagnated in Europe," it said in a statement.

"Aside from the global economic slowdown, the main drag on exports was the strong Swiss franc. Exporters therefore had to make price concessions, and quite significant ones in some cases," it added.

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also