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The trade surplus in Switzerland narrowed to CHF 3.9 billion in August 2024, down from CHF 4.1 billion in the previous month, marking the smallest trade surplus since April. Month-on-month, exports fell by 1.2% to CHF 22.1 billion, driven by decreased sales of metals (-11.1%), chemical-pharmaceutical products (-2.1%), and machines & electronics (-1.2%). In contrast, watch exports surged by 5.9%. Among trading partners, demand dropped significantly from Turkey (-26.9%) and Ireland (-23.9%), while exports to Russia (88.3%) and Belgium (21%) advanced. Meanwhile, imports edged down 0.1% to CHF 18.3 billion, with declines in purchases of watches (-9.6%) and energy products (-10.7%), nearly offset by a rise in chemical-pharmaceutical products (3.8%). As for trading partners, imports fell from the UAE (-38.9%) and Australia (-34.6%), but increased from Ireland (32.9%) and Slovenia (20.8%).