CORRECTED - UPDATE 1-Swiss Jan exports hold up despite strong franc

(Corrects in paras 2, 3 to say December exports were revised,
rose by revised 4.4 pct m/m and by revised 11.2 pct y/y.
Previously stated figures were provisional)

* Swiss exports up 15.5 pct y/y in real terms in January

* Price decreases in chemicals but not in watches, machines

* Pharma industry under pressure to slash prices

* Swiss tourism industry suffers from strong franc

(Adds tourism data)

By Silke Koltrowitz

ZURICH, Feb 22 (Reuters) - Swiss exports maintained solid
growth in January despite the strength of the Swiss franc as
robust demand for machinery and watches offset weaker sales of
pharmaceuticals.

The impact from the franc, which hit record highs against
the euro and the dollar at the end of last year, was still
limited with exports rising 4.3 percent month-on-month
seasonally adjusted in January, compared with a revised 4.4
percent rise in December.

Compared with a year earlier, exports jumped 15.5 percent in
real terms, accelerating from a revised 11.2 percent increase in
December, and were up 5 percent in nominal terms to 15.2 billion
francs ($16.05 billion).

"Figures are still quite good overall, especially when you
look at exports in real terms. Exports in nominal terms do not
look quite as good anymore, there has obviously been a price
effect from currencies," UBS economist Reto Huenerwadel said.

"We see the currency effect mostly in the pharmaceutical
industry but not so much in machines which is positive. Some
branches, like watches, still see higher prices," he said.

Other data released on Tuesdsay showed that Swiss tourism
was suffering from the impact of the strong franc but domestic
consumer confidence remains relatively high as consumers benefit
from the strong currency.

Overall Switzerland ran a merchandise trade surplus of 2
billion Swiss francs in January. [ID:nZCHLDE76A]

While exports in the country's key watch, metal and
machinery sectors rose by about 17 percent in nominal terms from
a year earlier, exports of chemicals and pharmaceuticals, which
accounted for more than a third of exports in January, fell 5
percent.

"There are some special effects from the pharma sector where
there were some price declines," ZKB analyst David Marmet said.

The pharmaceuticals industry, led by heavyweights Roche
(ROG.VX) and Novartis (NOVN.VX), is facing price pressures due to
competition from generics, U.S. healthcare reform and European
austerity measures.

Switzerland's tourist industry took a hit from the franc,
data published by the Federal Statistics Office showed on
Tuesday. Overnight stays by Europeans fell 2 percent in 2010,
while visits from Asia and America were up.

"For 2011, MySwitzerland expects a drop of 2-3 percent for
overnight stays, meaning an about 3-5 percent drop for the
holiday market more vulnerable to unfavourable exchange rates
than business trips," tourism body MySwitzerland said.

GOOD MOOD

Switzerland has emerged less scathed from the global
recession than most other European countries and its solid
fundamentals have added to its currency's safe haven appeal.

The Swiss National Bank (SNB) expects economic growth to
slow to around 1.5 percent this year from some 2.5 percent in
2010 because of the strong franc.

However, SNB policymakers have sounded more sanguine over
the franc's impact recently and SNB chairman Philipp Hildebrand
said that the economy made a good start to this year.
[ID:nLDE71F1N7]

The SNB is widely expected to keep its target for the
3-month franc LIBOR at ultra-low levels at its quarterly policy
meeting on March 17. Financial markets price in a first rate
hike in December. <0#FES:>

Swiss consumers have provided the main support for the
economy recently. The UBS consumption indicator, released on
Tuesday, pointed towards a slight slowdown in consumption, but
the indicator was still at a relatively high level.
[ID:nZCHLDE769]

"Consumers are still in a good mood ... Salaries are rising
in real terms and consumers' buying power is high because of the
strong franc," VP Bank's Joerg Zeuner said.

(Reporting by Silke Koltrowitz; Editing by Susan Fenton)