Switzerland's trade surplus increased notably in 2014, reaching a record high, as exports grew at the fastest pace in survey history, data from the Swiss Federal Customs Administration showed Tuesday.
The trade surplus rose to a record high of CHF 30.019 billion in 2014 from CHF 23.571 billion in 2013.
This reflected the record high 3.5 percent surge in exports. The latest growth exceeded the previous record high logged in 2008 and marked the fifth consecutive year of increase.
Exports of chemicals and pharmaceuticals, accounting for 41 percent of total exports, rose 5 percent in 2014.
Among the countries, exports to the U.S. increased for the fifth consecutive month and at a record high. Exports to China also climbed to a record high in 2014.
Meanwhile, imports stagnated in 2014, increasing only 0.4 percent from 2013.
In the fourth quarter of 2014, the trade surplus rose to CHF 8.514 billion from CHF 7.733 billion in the third quarter. Exports surged 4.9 percent annually after rising 3.9 percent in the previous quarter. Meanwhile, imports fell 2.6 percent in the fourth quarter, reversing the 2.1 percent growth in the previous quarter.
In December, exports advanced 7.2 percent while imports fell 0.2 percent. The trade surplus came in at CHF 1.515 billion in December.
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