Overview
In Q2 2024, the current account surplus was CHF 20 billion, just under CHF 6 billion higher than in the same quarter of 2023. This rise in the current account balance was primarily attributable to trade in goods.
- Both traditional goods trade (foreign trade total 1) and non-monetary gold trading contributed to the increase in the balance of trade in goods. The surplus in merchanting, by contrast, was down year-on-year.
- The expenses surplus in secondary income, which was smaller than in the same quarter of 2023, also contributed to the higher current account balance.
- There were no substantial changes to the balances of trade in services and primary income.
Transactions reported in the financial account in Q2 2024 showed a net reduction of financial assets (CHF 4 billion) and of liabilities (CHF 35 billion). Including derivatives, the financial account balance totalled CHF 29 billion.
- On the assets side, there were shifts between direct investment (net acquisition in equity capital) and ‘other investment’ (net reduction in the interbank market).
- On the liabilities side, the net reduction was accounted for by portfolio investment, due to the expiry in Q2 2024 of SNB Bills held by non-resident investors. Stocks in the international investment position remained virtually unchanged in Q2 2024. The net international investment position increased by CHF 5 billion quarter-on-quarter to CHF 894 billion.
- Stocks of assets were down by CHF 5 billion to CHF 5,317 billion, and stocks of liabilities decreased by CHF 10 billion to CHF 4,423 billion.
Data revisions
The data on the balance of payments and international investment position take into account revisions, some going back to 2020, which have arisen as a result of newly available information from the reporting institutions.
Further information
The Swiss National Bank introduced a new current account survey as of Q1 2023. Detailed information is available under Changes and revisions on the SNB’s data portal.
Comprehensive charts and tables covering Switzerland’s balance of payments and international investment position can be found on the SNB’s data portal. Detailed data are available in the supplementary data on international economic affairs datasets.
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Source:
Swiss National Bank
snb.ch
