Swiss National Bank publishes Q1 2025 balance of payments data showing current account surplus rises to CHF 19 billion and net international investment position falls to CHF 937 billion

The Swiss National Bank published Switzerland’s Q1 2025 balance of payments and international investment position, reporting a current account surplus of CHF 19 billion, up CHF 10 billion compared with Q1 2024, alongside a quarter-on-quarter decline in the net international investment position to CHF 937 billion. The larger current account surplus was mainly driven by trade in goods, with significant increases in the balances for non-monetary gold trading and traditional goods trade as receipts and expenses rose strongly, with receipts rising more. Balances for trade in services, primary income and secondary income were broadly unchanged from Q1 2024. In the financial account, reported transactions resulted in a net acquisition of financial assets of CHF 45 billion and a net incurrence of liabilities of CHF 37 billion, with the financial account balance totalling CHF 7 billion including derivatives. Direct investment and portfolio investment drove the net acquisition of assets, while the rise in liabilities was mainly attributable to other investment and, to a lesser extent, portfolio investment. The net IIP decline reflected a slight increase in asset stocks to CHF 5,274 billion, as exchange rate and price-related valuation losses offset transaction-driven gains, and a larger increase in liability stocks to CHF 4,337 billion, primarily due to higher Swiss stock exchange prices lifting portfolio investment valuations. The SNB flagged that the Q2 2025 release in September 2025 will include various revisions to current account data extending back over long periods.