Swiss trade surplus narrowed to CHF 0.12 billion in March from CHF 0.72 billion recorded in February, the Federal Customs Administration said Thursday.

Exports fell 12.2% in real terms and 7.9% in nominal terms over the previous year. On a monthly basis, the seasonally adjusted exports fell 5%.

On the other hand, imports rose 4.1% year-on-year in real terms, while fell 1.3% in nominal terms.

In the first quarter, exports fell 7.1% in real terms and 5.8% in nominal terms compared to the previous quarter. During the same period, imports dropped real 0.7% and nominal 4.5%.

Elsewhere, the Federation of the Swiss Watch Industry FH said watch exports plunged 26.6% year-on-year in March. Shipment of wristwatches dropped 27.2% and other products fell 19.4%.

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