In the first quarter of 2025, Switzerland’s current account surplus reached CHF 19 billion, marking an increase of CHF 10 billion compared to the same period in 2024. This rise was largely driven by a significant boost in trade in goods, including both non-monetary gold trading and traditional goods trade. Both receipts and expenses saw substantial growth, with receipts outpacing expenses.
The balances for trade in services, primary income, and secondary income showed no major changes from the previous year. Financial account transactions led to a net acquisition of financial assets totaling CHF 45 billion and a net incurrence of liabilities amounting to CHF 37 billion during this period. When derivatives are included, the financial account balance amounted to CHF 7 billion. The increase on the asset side was primarily due to direct investment and portfolio investment, while on the liabilities side, it was mainly due to ‘other investment’ and portfolio investment.
Switzerland’s net international investment position fell by CHF 103 billion from the previous quarter, settling at CHF 937 billion. Asset stocks rose slightly by CHF 4 billion to reach CHF 5,274 billion despite valuation losses related to exchange rates and prices. In contrast, liability stocks increased by CHF 107 billion to total CHF 4,337 billion, driven largely by rising prices on the Swiss stock exchange which boosted portfolio investments.
Revisions of current account data are expected with the release of Q2 2025 figures in September. These revisions will cover extended periods and further details can be accessed through the SNB’s data portal under Changes and revisions.
Comprehensive charts and tables detailing Switzerland’s balance of payments and international investment position are available on the SNB’s data portal. More detailed data can be found in their supplementary dataset on international economic affairs.
Information from this article can be found here.
