Switzerland's Q2 Trade Surplus Nearly Doubles to CHF 23.7 Billion on Strong Goods Exports

Switzerland's trade surplus expanded significantly to 23.7 billion Swiss francs ($28.86 billion) in the second quarter of 2026, nearly doubling from the 13.8 billion francs recorded in the same period last year. The data, released Tuesday by the Swiss National Bank (SNB), points to a strengthening recovery in the country's export-driven economy.

Goods Trade Fuels Expansion

The substantial growth in the surplus was primarily driven by a strong performance in goods trade. According to the SNB, Switzerland posted a goods trading surplus of nearly 30 billion francs for the quarter. This was partially offset by a deficit of 4.4 billion francs for services.

Several factors contributed to the positive trade balance:

• Swiss exports rose by 5.5% in the second quarter.
• The deficit on gold trading was smaller compared to the previous year.
• Activity in transit trade, where goods are bought and resold abroad without entering Switzerland, also increased.

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Broader Economic Context

The sharp year-over-year increase comes off a relatively low comparable figure from the second quarter of 2025, the central bank noted. The result marks the highest current account surplus since the first quarter of 2025 and indicates a rebound from challenges faced last year, including higher tariffs from the United States.

The robust trade figures support a more optimistic economic outlook. Last week, the Swiss government raised its forecast for economic growth for the current year, a move now underscored by the strength in its export sector.