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Switzerland’s trade surplus narrowed to CHF 4.0 billion in January 2025, down from an upwardly revised CHF 4.4 billion in December, marking the smallest surplus in four periods. Imports fell 6.8% month-over-month to CHF 18.7 billion, driven by lower purchases of chemical and pharmaceutical products (-19.5%), vehicles (-5%), and machinery and electronics (-2.1%). By country, imports declined sharply from Australia (-57.5%), Japan (-34%), and Canada (-31.9%). Meanwhile, exports dropped at a slightly faster pace, falling 6.9% to CHF 22.7 billion, reflecting weaker sales of chemical and pharmaceutical products (-12.5%), paper and graphic products (-7.3%), precision instruments (-0.4%), and vehicles (-0.3%). Among trading partners, demand fell most notably from Slovenia (-35.1%), China (-30%), and Austria (-22.8%).