Switzerland's exports declined further, while imports recovered in December, data from the Federal Customs Administration showed on Tuesday.
Exports decreased by a real 3.4 percent month-on-month in December, following a 0.4 percent fall in November.
Imports rose 0.2 percent in December, after a 0.1 percent decline in the previous month.
In nominal terms, exports decreased 1.2 percent in December and imports rose 0.7 percent.
On a quarterly basis, exports declined by a real 2.3 percent in the fourth quarter, following a 1.5 percent decrease in the third quarter.
Imports dropped 3.4 percent quarter-on-quarter in the fourth quarter, after a 0.5 percent rise in the previous three months.
The trade surplus increased to CHF 6.5 billion in the fourth quarter from CHF 5.8 billion in the previous quarter.
On an average, the trade surplus rose to CHF 37.3 billion in 2019 from CHF 31.4 billion in 2018. Exports and imports declined 1.2 percent and 1.0 percent, respectively, in 2019.
Exports of chemical and pharmaceutical products led to the increase in foreign trade in 2019, the agency reported.
According to the Federation of the Swiss Watch Industry, watch exports rose 5.8 percent year-on-year in December.
In 2019, watch exports increased 2.4 percent compared to the last year.