Wednesday, 21 August 2019

Swiss exports hit new record

BERN: Swiss exports for the second quarter of 2018 totalled 55.7 billion francs (€47.8 billion), a new quarterly record, states a communication from the Swiss Federal Customs Administration.

Pharmaceuticals, machinery, precision instruments and watchmaking were some of the sectors that registered new heights, thanks in part to record exports to China, the USA and Germany.

Other sectors that registered positive growth were jewellery, cars, food, beverages and tobacco. Swatch, the world’s largest watchmaker, announced record sales in the USA for 2018.

“Consumer demand, particularly from millennials, for authentic innovative brand products is greatly increasing on a worldwide scale, regardless of region or price segment,” Swatch said in a statement.

But pharmaceuticals were the driving force behind the surge in exports, representing 42 per cent of the global growth. Swiss pharmaceutical giant Novartis saw its net profit in the second quarter rise to $7.8 billion (€6.7 billion), as net sales jumped nine percent to $13.2 billion (€11.33 billion).

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