Tag Archive: Trade Balance

Official Eurostat Trade Balance Massively Distorted by UK Sales Of 1464 Tonnes of Gold To Switzerland

eurostat: physical gold exports uk to switzerland

In 2013, private investors from the UK sold net (!) 1464 tons of physical gold (and similar) for a value 44.3 billion EUR. This was 1 464 000 kilograms each at the current price of 30254€ per kilo

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Before and After Lehman: Switzerland and the United States Compared

Yearly Immigration to Switzerland United States 2013 2002

The Swiss Trade Surplus: A Really Global Economy

2013-05-28

by George Dorgan

2013-05-28

The Swiss trade balance for goods clearly indicates its global orientation. Switzerland has a trade surplus with the US, Canada, the UK and many emerging markets. Swiss exports are mostly luxury products and pharmaceuticals. The total surplus for the 4 first months in 2013 was 7.7 billion CHF, about 1.2% of GDP, annualized around …

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Swiss Economic Indicators, March 2013

2013-03-27

by George Dorgan

2013-03-27

GDP KOF Wages CPI PPI Trade Balance Consumption SECO Industrial Production Construction

Switzerland continues to see a robust economy, even if the leading KOF indicator fell to 0.99 after highs of 1.68 in September. On other side, real and nominal wages continue to increase. As opposed to the KOF value, the UBS consumption indicator is rising. This shows that the internal economy is able to balance … Continue...

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Japanese Currency Debasement, Part 1: Current Account and Japanese Bond Bears

2013-01-30

by George Dorgan

2013-01-30

In our first part on Japans currency debasement, we look on three aspects, government bond yields, current account balances and potential hyper-inflation which causes yields to rise strongly.

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Comparing Trade Balances with FX Rates: Will the European Miracle End?

2013-01-27

by George Dorgan

2013-01-27

Eurostat recently published the European exports, imports and trade balance for the first ten months of 2012 compared to 2011. These show heavy improvements for the Southern member states but also a strong dependency on a weak euro.

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The Swiss Trade Surplus Unveiled

Correlations Between the Swiss Franc, Gold and the German Economy

2012-12-21

by George Dorgan

2012-12-21

In yesterday’s post we focused on several economic events that weakened the position of the Swiss National Bank (SNB). In this extended replacement post, we give several reasons for recent movements in the gold price and explain the correlation between German economic data, gold and the Swiss franc. IFO data shows that Germany will not …

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Swiss and German Economic Indicators, Update November 1

2012-11-01

by George Dorgan

2012-11-01

Swiss & German Economic Indicators, August 2012

Euro Crisis Has Affected Germany, Switzerland Still Immune Most Recent Events The Swiss SVME PMI has risen from 43.9 to 46.1. This PMI is dominated by machinery, metallurgical and electric equipment exporters organized in the Swissmem organization. As opposed to the chemical industry, they were not innovative enough to adapt to the stronger franc; but …

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Euro Crisis Has Affected Germany, Switzerland Still Immune

2012-10-26

by George Dorgan

2012-10-26

Swiss and German Economic Indicators, October 2012 Both Swiss and German economic indicators show continued signs of stability, but the German situation has become worse and might affect the Swiss. Especially low unemployment, rising real wages and strong trade balances are signs of robustness. Despite that, Germany’s industrial production is weaker than last year, …

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Who Has Got the Problem? Europe or Japan?

2012-10-23

by George Dorgan

2012-10-23

A couple of months ago the euro traded close to EUR/USD 1.20 and the whole world was betting on its breakdown. Once the euro downtrend ended thanks to QE3, OMT and euro zone current account surpluses, the common currency did not stop to appreciate against the yen and reached levels of EUR/JPY 104 and above. … Continue reading...

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Swiss Exports Rise Thanks to Higher Export Prices. Sorry, What ????

2012-10-22

by George Dorgan

2012-10-22

Or how Swiss exporters are able to widen their margins thanks to the SNB currency manipulation Last week the Swiss export data for the third quarter was released. The news agency report was simple: Exports from Switzerland fell by a real 8.0 percent in September to 16.49 billion Swiss francs ($17.87 billion), the Federal …

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Standard and Poor’s critique of the Swiss National Bank, part 1

2012-09-26

by George Dorgan

2012-09-26

Part 1: Swiss investments abroad [This paper includes some of the S&P critique, but also aims to clarify some of S&P’s misleading points] Last Thursday Thomas Moser, a member of the Swiss National Bank (SNB) governing council, said that one of the main reasons for the strong franc is the conversion of Swiss foreign incomes …

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Do Swiss companies prefer to hold cash at the SNB instead of local banks ?

2012-09-24

by George Dorgan

2012-09-24

The most recent SNB monetary data show that more and more companies are increasing their deposits at the central bank at a quicker speed than local banks. Might this be missing trust in the Swiss banking system ?

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Economic Indicators: In Switzerland and Germany the Euro Crisis Seems to Be Far Away

2012-08-29

by George Dorgan

2012-08-29

Swiss vs. German Economic Indicators, August 2012 Both Swiss and German economic indicators show continued signs of stability. Especially low unemployment, good retail sales and strong trade balances are signs of robustness. The German trade surplus has improved compared to last year, whereas the strong franc harmed the Swiss trade surplus just a bit. …

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SNB only major central bank missing at Jackson Hole, are important SNB decisions looming ?

2012-08-27

by George Dorgan

2012-08-27

SNB Chairman Jordan speaks to media during a news conference in Bern

The Jackson Hole Symposium is traditionally a meeting of global central bankers, here the 2010 attendance list. This year it takes place between August 30 and September 1. Central bankers assemble The annual economic symposium for central bankers staged by the Federal Reserve Bank of Kansas City begins in Jackson Hole, Colorado (until September 1). …

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