Switzerland's trade surplus widened slightly to CHF 4.3 billion in July 2025 from CHF 4.2 billion in the previous month, marking the largest surplus since April. Exports fell by 2.7% month-on-month to CHF 22.2 billion, driven by lower shipments of costume and fine jewelry (-9.7%) as well as chemical and pharmaceutical products (-6.8%). The sharpest export declines were recorded to Austria (-36.9%), Ireland (-21.1%), and South Africa (-20.5%). Exports to the US rose just 1.1% in July, a sharp slowdown from June’s revised 25.2% surge. The deceleration reflects the impact of a 39% US tariff on Swiss goods - one of the highest globally - imposed after trade talks failed to produce a favorable outcome. Meanwhile, imports declined at a faster pace of 4.2% to CHF 17.9 billion, primarily due to reduced imports of energy sources (-12.2%) and chemical and pharmaceutical products (-11.7%). The steepest declines in import volumes were from Ireland (-62.7%), Australia (-48.1%), and Spain (-28.6%).