After several years of moderate growth, exports (-2.6%) and imports (-6.9%) fell in nominal terms in 2015. Nevertheless, exports were at their third-highest level ever at CHF 202.9 billion. Prices clearly declined, particularly for imports, against the backdrop of the strong Swiss franc. Consequently, there was a slight drop in real terms for both exports and imports (-0.7% and -0.5%). The trade surplus once again reached a record of CHF 36.6 billion.