Swiss exports drop in August

Switzerland's exports fell in August for the first time since May, due to lower sales of chemicals, pharmaceuticals and machinery and electronic products, data showed on Thursday. Demand from the rest of Europe, Switzerland's biggest export market, weakened, noticeably in Germany. Exports dropped by an inflation-adjusted 3.4 percent year-on-year in August to 14.859 billion francs ($15.8 billion), but were up 0.5 percent on a nominal basis, according to the data from the Federal Customs Office.
There was one working day less in August this year than in 2013, another reason for the decrease. Adjusted for working days, exports rose 1.4 percent in real terms and 5.5 percent in nominal terms, the office said. Exports to the rest of Europe, Switzerland's largest trading partner fell 2.6 percent in nominal terms, including a 10.2 percent drop to Germany, the office said.