Exports to the USA continue to decline.Image: KEYSTONE
October 21, 2025, 08:38October 21, 2025, 08:38
Exports of Swiss watches fell again in September compared to the previous year after US President Donald Trump’s tariff hammer had already dealt a blow to watch manufacturers in the previous month of August. Thanks to Asia and Great Britain, the global decline was limited this time.
In total, Swiss watches worth 1.99 billion francs were exported abroad in September. This corresponds to a decrease of 3.1 percent compared to the previous year, as shown by data published on Tuesday by the Federal Office of Customs and Border Security (BAZG) and the Association of the Swiss Watch Industry (FH).
In August, watch exports had fallen by 16.5 percent year-on-year, after already subdued development in the previous months. Overall, exports of Swiss watches fell by 1.2 percent to 19.0 billion francs from January to September.
USA remains weak
In the USA, the Swiss watch business remains determined by customs policy. In September, exports collapsed by 56 percent, after having already fallen by around a fifth in August. A US punitive tariff of 39 percent has been in effect on Swiss goods since August. In the previous months, manufacturers had filled their warehouses and those of dealers in America out of concern about high tariffs.
The markets of Great Britain and Asia provided support for the watch industry in the reporting month. With growth of 15 percent, Great Britain even became the most important sales market for the industry. Meanwhile, significantly more watches were also shipped to Hong Kong (+21 percent) and China (+18 percent). These markets had performed poorly in the past. (leo/sda/awp)