(16.07.2025) Swiss SMEs showed modest improvement in June compared to May 2025, with the Raiffeisen SME PMI rising by 1.9 points to 52.4. However, a gap emerged between domestic and international markets: exporters' order books remain flat.
Official trade figures reveal a decline in exports across several economic sectors in April and May 2025, with weak German demand for industrial goods cited as a key factor.
Nearly three-quarters of exporting SMEs surveyed expect orders from Europe’s largest economy to stay sluggish, or deteriorate further, in the second half of the year. From January to June 2025, only 12% of respondents reported an increase in German orders, while more than half noted a decline.
Exporters are also uneasy about the unpredictability of U.S. trade policy, particularly the looming threat of 31% tariffs on Swiss goods. The SME PMI indicates no meaningful progress on this front, even as the suspension period for these tariffs should have expired on 9 July. Tariffs of 30% have been imposed on the European Union, but Switzerland is still awaiting a decision from the United States.
Against this uncertain backdrop, hiring remains restrained. The "Employment" sub-index held steady in June at 48.9 (+0.1), still below the growth threshold of 50.
Conditions on the domestic front appear more encouraging. The "Order Book" component rose by 0.9 points to 54.1, while production rebounded to a healthier level (53.6) after a dip in May (51.5).
Last modification 16.07.2025
