Sales in the Swiss tech industry (comprising the mechanical, electrical and metal industries as well as related technology sectors) remained virtually unchanged in 2025 relative to the prior-year level (-0.3%). Following a weak first half-year with a clear decline in sales (-2.5%), a slight recovery was observed in the third (+3.0%) and fourth quarters (+1.1) compared with the same periods in the previous year.
Order intake developed only modestly, rising by +1.4% overall during 2025. However, the second half of the year was better than the first. Compared with the same quarters in the previous year, orders increase in both the third (+5.4%) and fourth quarters (+5.0%). These figures represent small rays of hope. Capacity utilisation in companies also rose slightly once more for the first time in ten quarters, reaching 81.5% in the fourth quarter after previously falling to 80.7%. However, this still remains well below the long-term average of 85.6%. The number of employees in the tech industry stood at 322,900 during the fourth quarter, down 6,600 on the same quarter in the previous year.
EU business offsets export losses to the US and Asia
Compared to the previous year, goods exports from the tech industry stagnated in 2025 (+0.7%) and reached a value of CHF 68.1 billion. Among the most important product groups, exports declined for machinery, mechanical appliances and mechanical devices by -3.5% and for metals and articles of metal by -0.6%. By contrast, they increased for railway vehicles, road vehicles and aircraft by +14.9%, for electrical machinery, electrical appliances and other electrical goods by +3.0% and for measuring, checking and precision instruments by +0.5%.
The most important sales markets developed differently. Due to high tariffs, the sharp decline in exports to the US (-7.6%) comes as little surprise. In the fourth quarter alone, they fell by -18%. Exports to Asia were also down in 2025 (-2.9%), with the negative development of the Chinese market (-11.2%) having a particularly strong impact. Once again, the EU market proved to be a reliable anchor for tech industry exports, with goods exports rising by +3.5%.
A brighter outlook, but with various reservations
“2025 was a lost year for the Swiss tech industry,” says Martin Hirzel, President of Swissmem. “However, companies have performed very well in the face of a brutal environment characterised by horrendous US tariffs and a global reluctance to invest.” Expectations for 2026 are mixed. Order intake gained slight momentum during the second half of 2025, and the industrial PMI in key markets, and especially in Europe, points to growth.
Business sentiment has also improved slightly. In the latest survey, 32% of companies expect a rise in foreign orders over the next twelve months. Some 45% expect no significant change, with 23% anticipating a decline. Nevertheless, it is not yet possible to assess whether this positive trend will continue or prove to be only short-lived. “The challenges and risks remain substantial,” warns Martin Hirzel. “I am thinking of the generally uncertain global situation with many open and simmering conflicts, the unpredictable US tariff policy, the strong Swiss franc and the EU’s recent isolationist tendencies. I am also concerned that Parliament does not seem to fully appreciate the importance of our locational advantages.”
Locational advantages secure investment in Switzerland
Despite the difficult recent years, companies in the tech industry have remained committed to Switzerland as a business location. This was revealed by a Swissmem survey of its member companies conducted at the beginning of 2026, which showed that 88% of companies invested in Switzerland in the past three years – primarily in the expansion and modernisation of production capacities, in the development and manufacture of new products and in the updating of IT and business processes. The most important reasons in favour of Switzerland are the availability of qualified workers (79%), favourable labour market regulations (75%) and the good regulatory conditions (68%). Over the next three years, 81% of companies are also planning to invest in Switzerland.
“These survey results reveal that Switzerland remains an attractive location for the tech industry,” says Swissmem Director Stefan Brupbacher. The survey also clearly shows which locational advantages Switzerland must defend to ensure that this remains the case. “A key factor for access to skilled labour is the free movement of persons agreement with the EU. It is for this reason that the ‘No 10 Million Switzerland’ initiative must be rejected, as it jeopardises the free movement of persons,” emphasises Stefan Brupbacher.
In addition, the liberal labour market and good framework conditions remain central. This includes finalising the tariff agreement with the US. Switzerland must also do all in its power to avoid being treated as a third country in the event of EU countermeasures, which could result in partial exclusion from the market. The Bilaterals III provide the only realistic bridge, even if there are no longer any certainties in today’s world.
For further information please contact:
Noé Blancpain, Member of Management and Head of Communications & Public Affairs
Tel. +41 44 384 48 65 / mobile +41 78 748 61 63
E-mail n.blancpainnoSpam@swissmem.ch
Philippe Cordonier, Member of Management and Head of Swissmem Romandie
Tel. +41 44 384 42 30 / mobile +41 79 644 46 77
E-mail p.cordoniernoSpam@swissmem.ch