(Bloomberg) — Swiss exports to the US rebounded in June, evidence that trade between the two countries remains robust despite the pressure of ongoing tariff negotiations.
Foreign sales, adjusted for seasonal swings, rose 26.9% from May, the Swiss Office for Customs and Border Security said on Thursday. Imports from the world’s biggest economy increased 0.2%.
That resulted in a trade surplus of 2.9 billion francs ($3.6 billion), up from 2 billion francs a month earlier and just below the average for 2023 and 2024.
Switzerland remains locked in talks with Washington in its bid to secure a trade deal, with a framework agreement awaiting signoff from US President Donald Trump.
Swiss Finance Minister Karin Keller-Sutter said in late June that Treasury Secretary Scott Bessent told her the two countries are “very close” to an accord. Bloomberg reported this month that the draft contained assurances that tariffs on Swiss pharmaceutical exports should be avoided.
Still, Trump said this week that global pharma tariffs are likely as soon as Aug. 1. Concurrently, Swiss lawmakers on the left have called for the country to implement countermeasures against US tariffs together with the European Union.
Switzerland is a major exporter of drugs to the US, with medicines from companies like Roche Holding AG, Novartis AG and Sandoz AG accounting for almost half of Swiss goods shipped to America in 2024.
Swiss exports to the US had jumped in March when tariffs became foreseeable and collapsed in April when they kicked in. In May, they dropped further.
When negotiations on a trade deal first started, Switzerland outlined a compromise around cutting tariffs for agricultural goods including citrus fruits, nuts and shellfish, which the country doesn’t produce in a significant way. The Swiss also put simpler approvals for American medical devices on the table.
During talks with the US, the European Free Trade Agreement bloc that includes Switzerland — known as EFTA — announced two new trade accords with Malaysia and the South-American Mercosur group.
Switzerland’s total trade numbers saw an increase in exports and a slight drop in imports, bringing its overall surplus to 4.3 billion francs.
–With assistance from Kristian Siedenburg.
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