Swiss watch exports fell 3.6% last month from a year earlier to 1.9 billion Swiss francs ($2.5 billion), the Federation of the Swiss Watch Industry said Thursday. Watches in the most expensive category made from precious metals led the decline. It’s a setback for an industry that was upended last year due to US President Donald Trump’s punitive tariffs. Their retroactive easing from November boosted exports the following month, but the value of watches sent to the industry’s biggest market slumped 14% in the latest figures.
Overall, watches priced above 3,000 francs were down 8.1% in value. There was a 14% contraction in exports of watches made from precious metals, that was not offset by a 16% increase for bimetallic watches. Exports to China and Hong Kong, meanwhile, rose 5% and 2.6% respectively, a boost for the industry after several months of declines. The timing coincided with the build-up to the Lunar New Year. Exports to France soared 37%, but the Singapore and UK markets turned negative, according to the federation.
Taking a look at the geographical breakdown, the trend is negative for all top markets. Exports to the USA, which account for 17% of the global exports, were strongly affected by the evolving tariffs: first with a surge of shipments in anticipation of the increase to 39%, followed by a period of significant slowdown, before the duties were ultimately reduced to 15% at the end of the year. In total, exports of Swiss watches to the USA are down only 0.5% by the end of the year, offsetting some of the slow months. The strong performance in the U.S. in December (+19.2%) suggests a more favourable outlook.
Audemars Piguet
More from NEWS
BVLGARI announces Dua Lipa as new Global Brand Ambassador
In a move that perfectly bridges the worlds of high-octane pop and high jewelry, BVLGARI has officially welcomed Dua Lipa …
Chanel-owned Orlebar Brown to expand further in Spain with new boutique in Ibiza
ORLEBAR BROWN will open a new boutique this summer at the Ibiza Gallery luxury retail complex in Playa d'en Bossa, …
Hyatt Hotels’ Thomas Pritzker steps down amid Epstein scandal
Thomas Pritzker, the billionaire scion to the Hyatt Hotels fortune, who has served as executive chairman of the company board …
