Swiss Exports Continue to Weaken in March 2026

Swiss Exports Continue to Weaken in March 2026

Pharma shipments fall sharply, U.S. demand drops, and first-quarter trade reaches multi-year low

PUBLISHED April 28, 2026

Export Momentum Remains Weak

According to “Schweizer Exporte sinken im März 2026 weiterhin” published by Watson.ch, Switzerland’s export sector remained under pressure in March 2026. While seasonally adjusted nominal exports rose slightly by 1.0% month-on-month to CHF 22.36 billion, real exports—adjusted for price changes—fell by 3.4%, showing that underlying trade volumes continued to weaken.

First Quarter Hits Multi-Year Low

The broader picture for the first quarter was significantly weaker. Total Swiss exports declined by 4.2% to CHF 66.94 billion, the lowest quarterly level since the third quarter of 2021. This signals that Switzerland’s external trade engine has lost momentum entering 2026.

Pharmaceutical Sector Under Pressure

The report noted that eight of Switzerland’s ten most important export categories recorded declines during the quarter. The strongest negative impact came from the country’s largest export group: chemical and pharmaceutical products. Given the sector’s major role in Swiss trade performance, weakness here has an outsized effect on the national economy.

Exports to the United States Collapse

One of the most striking developments was the sharp fall in shipments to the United States. Swiss exports to the U.S. dropped by nearly 16% during the first quarter. As America remains one of Switzerland’s most important trading partners, this decline raises concerns for exporters across multiple industries.

Imports Recover in March

While exports remained soft, imports showed stronger short-term momentum. Swiss imports increased by 10.1% in March to CHF 19.62 billion, with real imports rising 3.1%. However, for the entire first quarter, imports still fell by 4.7%, reflecting the broader slowdown in trade activity.

Trade Surplus Still Supports the Economy

Despite weaker exports, Switzerland continued to post a solid trade surplus. The monthly surplus reached CHF 2.74 billion, while the first-quarter total stood at CHF 11.10 billion. This remains an important stabilizing factor for the Swiss economy, especially during periods of softer international demand.

Outlook Depends on Global Demand

Switzerland’s export-driven economy now faces a more uncertain path for the remainder of 2026. Recovery will likely depend on stronger U.S. and European demand, improved momentum in pharmaceuticals, and greater stability in global trade flows. Until then, Swiss exporters may continue navigating a challenging international environment.