Investing.com – Switzerland's trade surplus narrowed more-than-expected in August, as the strong Swiss franc weighed on exports, official data showed on Tuesday.
In a report, Switzerland’s Federal Statistics Office said the trade balance, or difference between imported and exported goods and services narrowed to CHF0.81 billion in August, down from CHF2.81 billion in July, whose figure was revised from CHF2.83 billion.
Economists had expected the trade surplus to narrow to CHF1.97 billion in August.
The report said that exports dropped 7.0% in August to CHF13.89 billion, while imports increased by 0.9% to CHF13.08 billion.
Following the release of the data, the Swiss franc was down against the U.S. dollar, with USD/CHF gaining 0.49% to trade at 0.8863.
In a report, Switzerland’s Federal Statistics Office said the trade balance, or difference between imported and exported goods and services narrowed to CHF0.81 billion in August, down from CHF2.81 billion in July, whose figure was revised from CHF2.83 billion.
Economists had expected the trade surplus to narrow to CHF1.97 billion in August.
The report said that exports dropped 7.0% in August to CHF13.89 billion, while imports increased by 0.9% to CHF13.08 billion.
Following the release of the data, the Swiss franc was down against the U.S. dollar, with USD/CHF gaining 0.49% to trade at 0.8863.