Swiss exports to the US dropped sharply in April, reflecting the impact of President Donald Trump’s tariff policies.
According to a statement from the customs office in Bern, seasonally adjusted exports fell by 36% compared to March, while imports from the US declined by 15%.
Despite the drop, Switzerland recorded a trade surplus of 4.6 billion Francs ($5.6 billion), the second highest since at least 2010, Bloomberg reports.
The sharp decline follows two months of strong exports to the US, indicating that many exporters may have rushed shipments earlier in the year to beat the 2nd April tariff deadline threatened by Trump.
US Treasury Secretary Scott Bessent stated that Switzerland is “at the front of the queue” for a trade agreement.
Initially impacted by 31% tariffs, Switzerland benefited when President Trump later reduced many of his global tariffs to a uniform 10%.
In addition to the sharp drop in US-bound trade, Switzerland’s overall trade figures also showed declines in both exports and imports. However, the country still posted a record trade surplus of 6.3 billion Francs.
Furthermore, Swiss Economy Minister Guy Parmelin said on Tuesday that ongoing trade negotiations between Switzerland and the Trump administration are expected to reach a resolution by early July.
Indeed, following intensified diplomatic efforts to avoid steep US tariffs, Switzerland, alongside its business community, has successfully secured a spot among 15 countries on a fast-track path toward reaching a trade agreement with Washington, Reuters reports.
Speaking at an event in Zurich, Economy Minister Guy Parmelin emphasised the importance of diversifying Switzerland’s trade partnerships, warning against becoming overly reliant on any single trading partner.
Parmelin noted that the European Union, the United States, and China are Switzerland’s most significant trading partners, and the government is actively working to expand access to additional markets.
He underscored that the United States remains Switzerland’s largest individual export destination.