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Switzerland’s trade surplus narrowed to CHF 2.0 billion in May 2025 from a downwardly revised CHF 5.4 billion in the previous month. This marked the smallest surplus since December 2023, as exports dropped 13.6% month-on-month to CHF 21.0 billion, weighed down by lower sales of chemical-pharmaceutical products (-18.9%) and watches (-21.1%). Shipments to the US plunged 41.7%, largely due to imposed tariffs, with an additional 10% applied from April 5 and a further 21% from April 9, bringing the total tariff on Swiss goods to 31%. Exports also declined to Czechia (-37.4%), Slovenia (-31.4%), and Ireland (-26.6%). Meanwhile, imports rose 0.8% to CHF 19.0 billion, driven by higher purchases of energy carriers (+15.4%) and chemical-pharmaceutical products (+8.1%). Among key trading partners, imports surged from Saudi Arabia (+220%), Ireland (+109%), and Singapore (+59.5%).