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Switzerland's trade surplus widened to CHF 3 billion in November 2025, from a downwardly revised CHF 2.5 billion in the previous month. This marked the largest surplus since August, as exports rose 1.6% month-over-month to CHF 22.8 billion, led by higher sales of chemical and pharmaceutical products (1.5%), machinery and electronics (1.5%), and watches (0.3%). Exports to the US grew 7.6%, rebounding from a 6.9% drop in October, following a recent Swiss-US agreement that cut US tariffs from 39% to 15% in exchange for a $200 billion investment pledge from Swiss companies and improved market access for certain American agricultural products. Meanwhile, imports fell 0.8% month-on-month to CHF 19.8 billion, mainly due to lower purchases of chemical and pharmaceutical products (–6.4%) and food and luxury food products (–1.2%). Imports from Europe declined 1.3%, with Eurozone countries down 1.4% and non-Eurozone countries falling 4.2%.