Swiss trade surplus declined in March, but still remained higher than economists' forecasts, the latest data from the Federal Customs Administration showed Tuesday.
The surplus fell to CHF 1.9 billion in March from CHF 2 billion in February. Economists expected a decline to CHF 1.8 billion.
Exports declined 2 percent year-on-year to CHF 16.9 billion in March and imports dropped 8.6 percent to CHF 15 billion. In February, exports totaled CHF 16.1 billion and imports amounted to CHF 14.1 billion.
After adjusting to working day variations, exports grew 2.4 percent in the first quarter of 2013 compared to the previous period. Imports fell 1 percent. The trade balance fell to a surplus of CHF 5.9 billion from CHF 6.3 billion in the fourth quarter 2012.
Separately, Federation of the Swiss Watch Industry (FH) said total value of watch exports rose 0.6 percent year-on-year in March to CHF 1.7 billion.
While growth has clearly slowed compared to 2012, the levels attained remain very high, with the first quarter closing at CHF 4.7 billion, an increase of 2.4 percent, FH said.
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