Switzerland’s trade surplus widened to CHF 4.4 billion in February 2026, up from a downwardly revised CHF 3.5 billion in January, marking the largest surplus since August 2025. Exports fell 2.7% month-over-month to CHF 22.2 billion, with declines recorded in nine of the ten main product groups. The largest drops were in chemical and pharmaceutical products (-3.1%) and machinery, electronics, and equipment (-2.6%), while watch exports (1.3%) were the only segment showing growth and continuing a five-month upward trend. Regionally, exports to Europe (-3.5%) and Asia (-12%) declined, while exports to North America surged 19.4%, led by the US (21.2%). Meanwhile, imports dropped even more sharply, falling 8.3% month-on-month to CHF 17.8 billion, primarily weighed down by a 23.5% slump in chemical and pharmaceutical products. Imports contracted across all major regions, namely Europe (-10.4%), North America (-27.7%), and Asia (-8.9%).