(03.12.2025) The Swiss machinery, electrical equipment and metals (MEM) industry is struggling to return to growth. Its overall turnover increased by +3% in the third quarter of 2025 but fell by -0.7% over the first nine months of the year, according to the umbrella organization Swissmem.
The rise in overall revenues is driven by the strong performance of large companies, while SMEs continue to feel the impact of economic conditions (-9%). In the third quarter of 2025, incoming orders rose by +5.4% compared with the third quarter of 2024, although the level recorded in 2024 had been historically low. Over the first nine months of 2025, incoming orders were essentially stable (+0.1%). Capacity utilization, at 80.7%, remains well below the long-term average (86.2%).
Sector exports increased by +4% in the third quarter of 2025. This result, however, masks significant regional differences. Shipments to the European Union rose by +2.9% during the first nine months of the year and by +9.6% in the third quarter. By contrast, sales to the United States posted a marked decline in the third quarter (-14.2%). US tariffs weighed heavily on machine tool manufacturers in particular, whose exports to that market fell by -43%.
At the same time, the electrotechnical, metals and precision instruments segments recorded increases of +5.4%, +3.7% and +1.2% respectively, while mechanical engineering continued to contract (-2.7%).
In the meantime, negotiations between Switzerland and the United States led to a reduction in the additional tariffs on Swiss products, which are dropping from 39% to 15%. Despite this progress, industry representatives remain concerned, especially due to the appreciation of the franc against the dollar.
Last modification 03.12.2025
