Swiss tech sector feels full impact of US tariffs in third quarter
Keystone-SDA
The Swiss tech industry remains under heavy pressure. On top of global political uncertainty and a strong Swiss franc, US tariffs are making life difficult for companies, it was reported on Friday.
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Turnover rose by 3% in the third quarter of 2025 compared to the previous year, Swissmem, the Swiss association of small and medium-sized firms, reported on Friday. Large companies in particular saw an increase in turnover, while turnover among SMEs fell by 9%. And over the first nine months, there was an overall decline of 0.7%.
Incoming orders were up 5.4% in the third quarter, although this was also distorted by the base effect of a weak prior-year quarter, according to the report. Overall, orders stagnated from January to September and capacity utilisation in companies also continued to fall.
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Tariffs take full effect
The negative effect of US tariffs in particular took full effect in the third quarter. Exports from the tech industry to the US fell by 14.2% compared to the previous year. Overall, global exports rose by 4%, thanks in particular to an increase in exports to the EU.
The outlook for the future is anything but rosy. The business situation remains very tense, according to Swissmem, and even if US tariffs were to be lowered, this would not solve the problems. Accordingly, only 27% of Swissmem member companies expect an increase in orders over the next twelve months.
Translated from German by DeepL/sb
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