Swiss current account surplus and net foreign assets decline in 2025

Switzerland's current account surplus reached CHF 62 billion in 2025, a decrease of CHF 15 billion from the previous year.

This reduction was primarily driven by goods trade, notably non-monetary gold transactions, where higher gold prices led to expenditures significantly exceeding revenues.

The services balance remained stable, while the income balance partially offset the current account decline.

The capital account recorded a net balance of CHF 79 billion, including derivatives, with portfolio investments being key contributors.

Foreign investors notably purchased SNB Bills.

The net international investment position (NIIP) decreased by CHF 66 billion to CHF 966 billion.

Assets stagnated, increasing by only CHF 5 billion, while liabilities rose significantly by CHF 71 billion.

Asset stagnation resulted from exchange rate-related valuation losses due to a weaker US dollar, largely offset by price-related gains from international stock markets.

The increase in liabilities was mainly due to price-related valuation gains from rising Swiss stock market prices.

Switzerland's current account surplus in Q4 2025 was CHF 7 billion, a CHF 17 billion decline year-on-year.

This drop, mirroring the annual trend, was largely due to non-monetary gold trade's expenditure surplus and a higher services trade deficit.

The capital account showed a net balance of CHF 14 billion, including derivatives, driven by net inflows.

Asset inflows stemmed from "other investments," while portfolio investments, notably foreign purchases of SNB Bills, fueled liability inflows.

The net international investment position decreased by CHF 53 billion from the prior quarter to CHF 966 billion.

Asset holdings rose by CHF 64 billion, with liabilities increasing by CHF 117 billion, primarily due to rising Swiss stock market prices.