The morale of Swiss industrial companies is sealed by the revival of protectionism and customs duties. Faced with the risk of a trade war, the purchasing directors’ index (PMI) for this sector has stretched 3.1 points in April at 45.8 points.
For the 28th month in a row, this indicator is thus under the growth threshold which is set at 50 points, said a press release released on Friday by the Professional Association Procure.ch and the Big Bank UBS. The industrial PMI has reached its lowest level since July 2024.
A survey on protectionist measures announced by US President Donald Trump is the magnitude of their impact, since 43% of companies questioned by Procure.ch believe they have been affected in the past twelve months. In March and February, their share was 18 and 15%respectively. Two out of three companies also count on a strengthening of this protectionist arsenal by April 2026. Optimists are reduced to the congruent portion.
Less affected services
With the exception of production, all the sub-indices of the industry are displayed in decline. Very important demand barometer, order books have moved downwards in April, notes the association specializing in supply. The related sub-index dropped from 5.5 points to 44.6 points. With regard to employment, the statement goes in the direction of a reduction in the workforce, for a sub-index decreasing from 3.7 points to 44.0 points.
The reduction in stocks of raw materials and finished products accelerated in April, the respective components stood at 41.5 and 42.3 points. For finished products stocks, this is a multi -year floor, more reached since June 2021.
“To date, the delivery time component has no indication of a disruption of the supply chains due to the customs duties of Donald Trump,” said the press release. This has ironed under the 50 points, at 49.6 points.
The PMI Services has remained anchored above the growth threshold, standing in April at 52.4 points. He won 1.8 points compared to Mars. The press release specifies that the tertiary sector is less affected by protectionist measures than industry. The commercial activity sub-industrial has even rebounded from 7.1 points to 57.5 points after a fall suffered in March.
The control diaries (-2.4 points at 48.8 points) and selling prices (-2.5 to 47.3 points) are the only two components to have declined in April. The employment barometer increased by 1.8 points to 54.0 points.
This article was published automatically. Sources: ATS / AWP
