Swiss May trade surplus tightened to CHF2.01 bln from 2.56 bln in April, on the back of deteriorating export growth. Exports were down 7.9% m/m in nominal terms, while imports fell by 5.3%. On the year, exports fell by a sharp 19.1% in nominal terms in May and were down 20.7% y/y in real terms, while imports fell by 21.8% y/y in nominal terms. The data highlight how Switzerland's important export sector is now suffering as global demand weakens. Meanwhile, negative import growth emphasises dwindling domestic demand.