According to the Swissmem Index, sales in the Swiss tech industry increased by +2.5 percent in the first half of 2026 compared to the previous year's semester. This increase was almost exclusively due to large companies. SME sales fell by -3.8 percent in the same period. Order intake rose by +12.1 percent compared to the previous year's period. This significant increase must be put into perspective, as the previous year's value was very low, and the increase thus reflects a strong base effect. Capacity utilisation in companies reached 81.1 percent in the second quarter, which is still well below the long-term average of 85.6 percent.
EU Drives Export Growth
Goods exports from the Swiss tech industry reached a value of 34.5 billion francs in the first half of 2026. They increased by +1.7 percent compared to the previous year's period. This increase was mainly due to exports to the EU (+3.4%). In contrast, Asian markets developed weakly (+0.9%), and the downward trend in the USA continued (-5.3%). In the first half of 2026, the key commodity groups showed a mixed development. Exports of measuring, testing, and precision instruments (-3.0%) as well as machinery, apparatus, and mechanical devices (-2.1%) recorded declines compared to the previous year's semester. There was a strong increase in rail, road, and air vehicles (+19.3%), driven by some large orders. Higher goods exports were also recorded in electrical machinery, apparatus, and other electrotechnical products (+5.5%) as well as in metals and metal products (+4.2%).
Margin Pressure Dampens Optimism
"The recovery in the Swiss tech industry has continued, but it remains fragile, unevenly distributed, and has recently lost some momentum," comments Stefan Brupbacher, Director of Swissmem. "We are concerned that EBIT margins have deteriorated almost across the board in the past year: A quarter of companies have negative EBIT margins, while another 29 percent can barely cover capital and R&D costs. This is dangerous, as it dries up funds for future investments. Against this background, it is imperative and urgent for companies to be relieved from bureaucracy costs and regulatory burden."
Positive Signals Come from the Purchasing Manager's Index (PMI) of the industry, which promises growth in almost all major markets. Entrepreneurs in the tech industry express cautious optimism: In the next twelve months, 35 percent expect increasing orders from abroad, while 41 percent anticipate a stable order level.
Customs Difference to the EU Becomes a Location Disadvantage
However, the risks remain significant. Another outbreak of war in the Middle East, rising energy costs, and supply chain bottlenecks could immediately stifle the recovery trend. Furthermore, since the end of July 2026, the USA has imposed a new 12.5 percent tariff on goods from the Swiss tech industry. That’s 2.5 percentage points more than for products from the EU. The US investigation of industrial overcapacity could result in an even higher tariff and thereby increase the customs difference to the EU.
According to a survey among Swissmem member companies, 42 percent of companies can just about absorb the 2.5 percentage point customs difference. However, well over a third of companies have to make price concessions to American customers to keep them, and 17 percent of businesses have to absorb the customs disadvantage themselves to remain in the US market.
If the customs difference to the EU increases, the consequences would be drastic. At five percentage points, the US business would be seriously jeopardized for nearly half of the companies, and at a difference of 7.5 percentage points, this share rises to 58 percent. After the tech industry lost an export volume of one billion francs in the US business compared to the previous year in 2025, exports to the USA would be further pressured by a higher tariff.
For Martin Hirzel, President of Swissmem, it is clear: "An agreement that does not disadvantage us compared to the most important competitors remains central." Moreover, as an export-oriented country, Switzerland must achieve free access to as many markets as possible. Therefore, the National Council's NO to the free trade agreement with the Mercosur states was particularly disappointing. "This decision is not only disappointing. It is absurd," says Martin Hirzel. "We struggle with the USA to ensure that Swiss products are not subject to higher tariffs than those from the EU. Meanwhile, the National Council ensures that exactly this remains the case in the future Mercosur market."
Free Trade with China and Mercosur: Two Key Agreements for the Tech Industry
The demand for a free trade agreement with Mercosur is also supported by Swissmem members. According to a survey, it ranks second on the wish list for new agreements. China ranks first. It is therefore gratifying that Federal President Parmelin and his team have succeeded in achieving a substantial further development of the free trade agreement with China. The expanded agreement enables Swiss tech industry companies to access the Chinese market significantly better.
Swissmem demands that Parliament approves the agreement with Mercosur in the autumn session, thus correcting the National Council's error. Additionally, Swissmem expects the further development of the free trade agreement with China to be ratified and implemented as quickly as possible. Both are of great importance to the Swiss tech industry.
The Swissmem Index for sales and order intake in the Swiss tech industry is based on data from around 250 reporting companies, collected quarterly. These companies represent a representative sample of the Swissmem membership.
Further Information Provided by:
Noé Blancpain, Member of Management and Head of Communication & Public Affairs
Tel. +41 44 384 48 65 / Mobile +41 78 748 61 63
E-Mail n.blancpain@swissmem.ch
Philippe Cordonier, Member of Management and Head of Swiss Romande
Tel. +41 44 384 42 30 / Mobile +41 79 644 46 77
E-Mail p.cordonier@swissmem.ch