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Swiss exports register strong growth in November  Join our daily free Newsletter

MENAFN - 20/12/2012

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(MENAFN) Official report showed that Swiss November exports saw a strong growth, helped by sales to the US and parts of Asia, Reuters reported.

According to the Federal Customs Office, exports from Switzerland rose by a real 4 percent last month to USD20.6 billion compared to a year ago.

The data suggests companies are overcoming the effects of strong Swiss franc.

Sales to Asia increased by 8.7 percent and to the United States by 21.3 percent in November, while sales in struggling Europe rose a weak 1.1 percent.

Swiss exports benefited from a cap the central bank imposed on the soaring Swiss franc at 1.20 to the euro in 2011, but have faced further hardship from weaker demand in neighbouring Europe.

The Swiss National Bank (SNB) said earlier this month it expects growth to significantly weaken in the fourth quarter of the year as the global economy stays fragile.

But the recent data shows demand for Swiss goods is holding up, with exports of chemicals and pharmaceuticals rising a real 11.1 percent, while sales abroad in the machinery and electronics industry were picking up growth for the first time in 16 months.

 






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