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Financial News: Swiss MEM Industries Face Very Challenging Market Conditio

Swiss MEM Industries Face Very Challenging Market Conditions

03/04/2020 - 08:36:00 (RTTNews)

(RTTNews) - Switzerland's mechanical and electrical engineering, or MEM, industries are facing tough market conditions due to the coronavirus or COVID-19 outbreak and a strong franc, the industry lobby Swissmem said Wednesday. In 2018, new orders received by MEM industries decreased 10.6 percent and turnover fell 4.5 percent. Exports shrunk 2.1 percent. The main reason for this weaker figures is the economic slowdown in the key markets, triggered by trade conflicts and the structural change in the automotive industry, Swissmem said.

"While the downturn leveled off somewhat towards the end of 2019, the coronavirus epidemic is currently undermining the global economy and, in some cases, disrupting supply chains," the group said.

The overvaluation of the Swiss franc against the euro increased significantly in 2019, and even more since the beginning of 2020. This is significantly impeding the MEM industries' ability to compete in the key EU market, Swissmem said. "If the negative impacts from the coronavirus epidemic and the current extent of the overvaluation of the franc continue, the situation for the MEM industries will become critical," the group added.

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