Current account surplus widens to CHF 24 billion in Q2 2026
Switzerland's current account surplus rose by CHF 13 billion year-on-year to CHF 24 billion in the second quarter of 2026, driven by stronger goods trade. The Swiss National Bank reported that transit trade and non-monetary gold shipments underpinned the expansion.
Commodities and gold drive trade expansion
The expansion in the current account surplus was primarily fueled by the goods trade.
Receipts from merchanting and transit trade grew considerably compared to the second quarter of 2025, while the negative balance from non-monetary gold trade narrowed.
In contrast, trade balances for services as well as primary and secondary income remained virtually unchanged from the prior-year period.
In the financial account, transactions showed a net reduction of CHF 6 billion on the asset side and CHF 12 billion on the liability side, yielding a balance of CHF 7 billion including derivatives.
Domestic investors reduced foreign portfolio holdings, selling foreign equities, while banks cut foreign client claims.
Equity valuations boost foreign asset position
Cross-border direct investment reflected corporate balance sheet reductions, with foreign parents withdrawing equity from Swiss affiliates alongside Swiss divestments abroad.
Despite transactional outflows, the net international investment position increased by CHF 22 billion quarter-on-quarter to CHF 986 billion.
Total foreign assets rose by CHF 149 billion to CHF 5,564 billion, while liabilities expanded by CHF 127 billion to CHF 4,578 billion, propelled by equity market gains and reserve assets.
Market momentum hides corporate retreat
The headline surplus rebound relies heavily on volatile commodity swings and buoyant equity markets.
Beneath these valuation gains, corporate balance sheet trimming signals persistent caution among multinationals.
Switzerland retains its formidable creditor status, but underlying cross-border activity is cooling.