Switzerland’s trade surplus widened to CHF 3.6 billion in January 2026, from a downwardly revised CHF 2.9 billion in the previous month, as exports rose while imports decreased. Exports grew 2.3% month-on-month to CHF 23.0 billion, largely due to higher sales of chemical and pharmaceutical products, which rose 4.9% after a 10.6% decline in December. Exports of machinery, electronics, and equipment also increased 2.0%. Shipments to Europe rose 5.3%, while exports to Asia (-3.5%) and North America (-7.2%) dropped. Meanwhile, imports fell 0.9% to CHF 19.4 billion, dragged mainly by reduced purchases of machinery, electronics, and equipment (-1.1%) and vehicles (-6.2%), which offset a modest rise in chemical and pharmaceutical imports (0.1%). Imports from Europe dropped (-0.2%), with Eurozone countries falling 1.3% and non-EU countries down 8.6%.