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Switzerland trade surplus highest since at least 1987

Local News // Oct. 20, 2016
Switzerland trade surplus highest since at least 1987

September's trade surplus was the highest in Switzerland since at least 1987, according to the latest trade figures from the Federal Customs Office.

The findings indicating that the country's export-dependent economy has weathered a currency market shock that sent the Swiss franc soaring.

The Swiss National Bank's decision on Jan. 15, 2015 to end a cap on the franc at 1.20 per euro upended global currency markets and sent Switzerland's currency soaring higher.

The move - made because the SNB felt its policy had become too expensive to maintain - sparked fears of a recession for the economy as products became more expensive for foreign buyers.

However, the data shows that Switzerland avoided an anticipated recession last year with many companies accepting lower margins to retain customers.

The government forecasts 1.5 percent growth in 2016, with the worst over for Swiss exporters, reports Reuters.

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