Switzerland's trade surplus narrowed to CHF 2.8 billion in September 2025, from a downwardly revised CHF 3.8 billion in the previous month. This marked the smallest trade surplus since May, as imports climbed 9.4% month-on-month to CHF 19.9 billion, mainly driven by higher purchases of chemical-pharmaceutical products (34.2%) and costume jewelry and jewelry goods (19.5%). Among suppliers, imports from Russia surged 491.9% and those from South Korea jumped 245%, while imports from non-Eurozone countries declined sharply by 21.4%. Meanwhile, exports grew at a softer pace of 3.4% to CHF 22.8 billion, largely due to increased sales of vehicles (21.8%), costume jewelry and fine jewelry (17.3%), and paper and graphic products (11.4%). Exports to the US soared by 44.8%, indicating that demand for Swiss goods remains strong despite President Donald Trump’s significant 39% tariff. Meanwhile, exports plunged to Slovenia (-29.6%), Poland (-24.1%), and Canada (-18.1%).