Swiss exports hit a new high in 2025, buoyed by strong demand for chemicals and pharmaceuticals, despite a tariff dispute with the United States under Donald Trump. Shipments to the United States increased by 3.9% to CHF 54.7bn, even as imports from America fell by 5.7% to CHF 13.3bn. As a result, Switzerland’s trade surplus narrowed to CHF 54.3bn, down from an all-time high of CHF 60.6bn a year earlier. Sales in the sector rose by CHF 3.3bn to a record CHF 152bn, accounting for more than half of total exports. By region, exports to North America and Europe expanded, with particularly strong growth to Germany, Austria, Italy and Ireland.