Switzerland's trade surplus below expectations in Feb as exports decreased amid an increase in imports

Switzerland's trade surplus missed economists' forecasts and declined more than expected in February as exports decreased amid an increase in imports. Data released by the Federal Customs Administration on Tuesday showed Switzerland's trade surplus declined to CHF 3.3 billion in February from CHF 4.8 billion in the previous month.

Exports decreased 2.2 percent month-on-month, but smaller than the 3.6 percent fall in January. Meanwhile, imports climbed 2.9 percent, reversing a 3.9 percent drop in the prior month. Larger imports suggested strong domestic demand but the Swiss National Bank's (SNB) attempts to weaken franc are likely not having desired effect on exports.

In separate data, the Federation of the Swiss Watch Industry FH reported another decline in watch exports in February. Watch exports decreased 10 percent in February from prior year to CHF 1.5 billion.

USDCHF and EURCHF were trading largely unchanged after the data at 0.9973 and 1.0743 respectively.