Switzerland’s trade surplus narrowed to CHF 5.6 billion in August 2026 from a record CHF 8.1 billion in the previous month. Imports fell 11.6% month-on-month to a one-year low of CHF 17.4 billion, almost entirely due to a sharp drop in purchases of chemical and pharmaceutical products (-35.8%), led by medicinal products, antisera and vaccines. Imports from Europe recorded the steepest decline at 7.5%, led by a sharp 49.9% drop in imports from Slovenia. Elsewhere, purchases from Asia (-1.2%) and North America (-2.7%) also fell. Meanwhile, exports dropped 17.2% from a month earlier to a four-month low of CHF 23.1 billion, weighed down by lower shipments of chemical and pharmaceutical products (-32.2%) and watches (-7.2%). Exports to North America slumped 31%, led by a 31.2% drop in shipments to the US. Shipments to Asia (-18.9%) and Europe (-9.1%) also declined.