Swiss National Bank publishes Q3 2025 balance of payments showing current account surplus of CHF 15 billion and net international investment position of CHF 1,029 billion

The Swiss National Bank published Switzerland’s balance of payments and international investment position statistics for Q3 2025, reporting a current account surplus of CHF 15 billion, up CHF 8 billion from Q3 2024. The financial account showed a net acquisition of financial assets of CHF 8 billion and a net incurrence of liabilities of CHF 4 billion, resulting in a financial account balance of CHF 4 billion. The net international investment position increased by CHF 70 billion quarter-on-quarter to CHF 1,029 billion. The higher current account balance was mainly driven by primary and secondary income, as relatively high expense surpluses in these components in Q3 2024 returned to a lower, more normal level. The trade in goods balance was lower than in Q3 2024, partly offsetting the increase, reflecting lower contributions from traditional goods trade (foreign trade total 1) and non-monetary gold trading. Direct investment and portfolio investment were the main drivers of residents’ asset acquisition, while ‘other investment’ declined in part due to interbank business; on the liabilities side, the net incurrence was almost entirely due to direct investment as non-residents reinvested earnings in Swiss subsidiaries. The release incorporates data revisions, some going back to 2020, based on newly available information from reporting institutions.