Swiss watch exports contract by 1.7 percent in 2025

Zurich - Hit by US tariffs, Swiss watch exports contracted by 1.7 percent in 2025 despite a rebound in December, according to statistics published on Thursday by the Swedish watch federation.

In 2025, Swiss watch exports amounted to 25.6 billion francs (33.32 billion dollars). This marked a decline for the second consecutive year, following a period of record-breaking performance over the three preceding years from 2021 to 2023.

Exports to the US fell by 0.5 percent over the full year, according to the watch federation's records. However, this figure conceals erratic movements following tariff announcements.

In early April, during “Liberation Day”, the Donald Trump administration initially announced its intention to apply 31 percent tariffs on Switzerland. The announcement, made during the Geneva watch fair, caused a wave of panic in the sector. The panic stemmed from the US being the largest market for Swiss watchmakers and its growth helping to offset falling demand in China and Hong Kong.

In April, watch exports to the US surged by 149.2 percent, as watchmakers raced against time to increase stock in their boutiques before the tariffs came into effect.

In August, a few days before they were due to be implemented, the White House raised the rate to 39 percent. Watch exports to the US subsequently collapsed.

In mid-November, however, Bern reached a compromise with Washington, with a draft agreement to reduce them to 15 percent.

“After four consecutive months of sharp contractions”, watch exports returned to growth in December following this “recent reduction in US tariffs”, the watch federation stated in a press release. In December, they recovered by 19.2 percent to the US.

In other markets, watch exports for the full year 2025 decreased by 12.1 percent to China, following a 25.8 percent drop in 2024. Exports to Hong Kong, another key market in Asia, fell by 6.5 percent, where they had previously plummeted by 18.7 percent in 2024.

In Europe, where luxury watch purchases are partly dependent on tourist spending, exports increased by 0.1 percent to the UK and 1.3 percent to France. However, they declined by 6.8 percent to Germany and 0.5 percent to Italy.

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