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Switzerland’s trade surplus reached a record high of CHF 6.3 billion in April 2025 from an upwardly revised CHF 5.4 billion in the previous month, as imports fell more than exports. Shipments fell by 9.2% month-on-month to CHF 25.2 billion, mainly due to a sharp drop in chemical and pharmaceutical exports (-17.1%), particularly medications (-43.9%). In contrast, watch exports surged by 16%, driven by a notable rise in US shipments ahead of possible tariff implementation. Among major trading partners, North America (-34.7%) experienced the steepest export decline, followed by Central and South America (-3.4%). Meanwhile, imports plunged 15.6% from a month earlier to CHF 18.9 billion, with ten of twelve product groups recording decreases. The largest declines were seen in chemical-pharmaceutical products (-32.6%), energy carriers (-13%), vehicles (-3.4%), and precision instruments (-6.2%). Imports dropped the most from Europe (-20.1%), notably from Slovenia (-60.1%) and Italy (-23.3%).