Switzerland's exports rose strongly in October, their second consecutive rise, driven by robust chemicals and pharmaceuticals exports and strong increases in sales to Asia and North America. Exports rose by an inflation-adjusted 5.3 percent year-on-year in October to 19.76 billion Swiss francs ($20.63 billion). On a nominal basis, the increase was 8.1 percent, the Customs Office said in a statement. Exports of the chemical and pharmaceutical industry, the country's biggest export category, rose 8.0 percent in nominal terms while watches ticked up by a robust 5.2 percent. Swiss exports to Europe, which accounts for 57 percent of the total, rose a nominal 5.4 percent while sales to North America soared 23.8 percent. Exports to Asia rose 9.2 percent, also in nominal terms, hitting a record 4.36 billion francs. Overall, Switzerland ran a merchandise trade surplus of 3.26 billion Swiss francs in October, up from 2.49 billion francs in the previous month. In order to help exporters, the Swiss National Bank capped the franc at 1.20 per euro three years ago, a measure that has proved successful in fending off deflation and recession. Currently, however, the franc-euro exchange rate is hovering close to the minimum rate as an upcoming referendum on the Swiss central bank's gold reserves threatens to restrict its freedom to act. While approval seems unlikely, a 'Yes' vote would force the bank to buy gold alongside any currency interventions. (Reuters)