Switzerland's foreign trade surplus decreased in January from a month earlier as exports fell faster than imports, data from the Federal Customs Administration showed on Thursday.

The trade surplus declined to CHF 4.0 billion in January from CHF 4.4 billion in December.

In real terms, exports dropped 3.9 percent monthly, reversing a 5.4 percent rebound in December. Imports fell 1.9 percent after rising 4.7 percent in the prior month.

The decline in exports was largely driven by a 9.9 percent plunge in shipments of chemical-pharmaceutical products.

In nominal terms, both exports and imports contracted by 6.9 percent and 6.8 percent, respectively.

According to the Federation of the Swiss Watch Industry, watch exports rose 4.1 percent year-on-year in January. Watches made from precious metals, along with bimetallic models, accounted for most of the increase.

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