Switzerland’s imports fell 6.8% month over month to CHF 19.948 billion in July from CHF 21.392 billion in June, while merchandise exports rose 7.7% to CHF 28.678 billion from CHF 26.616 billion. The import figure was below the 12-month average of about CHF 20.5 billion and may indicate softer consumer demand, slower industrial input requirements or inventory adjustments, although one month does not establish a trend. Exports remain supported by overseas demand for high-value Swiss goods, particularly pharmaceuticals, precision instruments and machinery, with the United States and Asia providing important markets. The combined figures suggest a substantial July trade surplus, but conflicting earlier records reported different import, export and surplus figures. Businesses, investors and the Swiss National Bank will watch August data for evidence of a broader slowdown, while sustained import weakness could weigh on second-half growth forecasts because trade data feed into GDP calculations.