Swiss exports fall in month SNB removes cap on franc

ZURICH (Reuters) - Swiss exports fell 0.8 percent in January in real terms from a year earlier, when adjusted to take account for one less working day than last year, with sales of chemicals and pharmaceuticals hard hit, the Federal Customs Office said on Thursday.

The surge in the Swiss franc since Switzerland scrapped the currency's cap in mid-January may also have played a role in the fall in exports, but it is too early to judge its exact impact on trade figures, Matthias Pfammatter, senior economist at the Customs' Office told Reuters.

The Swiss National Bank removed its 1.20 francs per euro cap on Jan. 15, a measure that had helped protect exporters from a strong franc. The move sent the currency, seen as a safe haven during times of global economic stress, soaring against the euro and has led some economists to predict the Swiss economy will contract this year.

It was the second consecutive month that exports fell in real terms when taking account of a different number of working days.

In nominal terms exports rose 1.2 percent in January, taking account of one less working day, to 16.404 billion francs (11.2 billion pounds).

Exports of chemicals and pharmaceuticals, the country's biggest exports fell 5.9 percent in nominal terms. Machinery exports dropped 8.4 percent, while watches ticked up by 3.7 percent.

Without accounting for one less working day this year, total exports fell 6.2 percent year-on-year in real terms and 4.4 percent on a nominal basis, the Customs Office said.

(Reporting by Alice Baghdjian; Editing by Susan Fenton)