Bucher Industries, the parent company behind Kuhn, has reported that in the first three months of 2024, the machinery manufacturer’s order intake is down 34.7% on the same period in 2023.

Meanwhile, its net sales are down 18.9% and its order book is down 42.7% in the same period.

In a statement, the parent company said: “As expected, Bucher Industries’ markets weakened over the course of the first quarter of 2024 in line with the general economic slowdown. The agricultural machinery market, in particular, was severely impacted by economic and political uncertainties.

The company added: “Farmers remained reluctant to invest because prices for agricultural commodities had fallen, interest rates were high and fewer subsidies were available.

“In addition, inventories of agricultural machinery remained high in the dealer network, which weakened demand in all regions. Order intake remained especially low in Brazil, and in Europe the uncertain political climate had a negative impact and wet weather conditions delayed seeding.

“North America also showed signs of a slowdown. Kuhn Group’s sales fell significantly compared to the strong prior-year period. The order book had a range of more than four months.”