ZURICH Nov 20 Swiss exports fell by 7.7 percent
in October in real terms, dragged down by a negative trend in
the machinery and electronics industry.
When adjusted for two extra working days in October, exports
fell by 16.0 percent in real terms, the Federal Customs Office
said on Tuesday.
Overall, Switzerland ran a trade surplus of 2.821 billion
Swiss francs in October.
Exports in the important chemical and pharmaceutical
industry grew by a real 1.1 percent. Sales of machinery and
electronics slid by 8.8 percent.
Swiss exporters have been helped by a cap the central bank
imposed on the red-hot franc at 1.20 per euro more than a year
ago, even though many still see the safe-haven currency as too
Swiss National Bank Chairman Thomas Jordan said last week
the reasons behind the setting of the minimum exchange rate were
At its September policy meeting, the SNB cut its 2012 growth
forecast to one percent from 1.5 percent after the economy
shrank unexpectedly in the second quarter as the crisis in the
euro zone dampened demand for Swiss goods and services.
($1 = 0.9229 Swiss francs)