Watches, only 3 out of 10 markets up since the beginning of the year
October Fh data confirm the sharp drop in US sales due to tariffs, although the new agreement between the US and Switzerland should have a positive effect
Swiss watch exports in October limited the damage overall, but were inevitably affected by the negative effect of the US tariffs. The good performance of part of the Asian and European markets could not entirely compensate for the new drop, after those of August and September, in exports to the US.
Exports of Swiss timepieces in the month amounted to CHF 2.24 billion (€ 2.41 billion), 4.4% less than a year earlier. For the first ten months of this year, exports amounted to CHF 21.18 billion (€ 22.79 billion), a moderate decline of 1.6% compared to the same period last year.
Looking at the top ten markets, it can be seen that in October the United States, the leading market, stopped at CHF 224 million (-46%) and that at the same time China rebounded to CHF 188 million (+12%). This was followed by Japan at 180 million (-5%), Hong Kong at 165 million (+2%), Singapore at 153 million (+6%), the United Kingdom at 152 million (-7%), the United Arab Emirates at 135 million (+39%), France at 118 million (+10%) and Germany at 113 million (+3%). A positive sign for Italy, which maintains its tenth place with 97 million (+4%).
As far as the exported product ranges are concerned, in October for once it was not the high-end range that led the way, but rather the medium-high range. The high range, with prices above CHF 3,000, recorded a -7% drop in value during the month; the medium-high range, with prices between CHF 500 and CHF 3,000, on the other hand, recorded a +9% increase. The medium range, priced between CHF 200 and CHF 500, remained more or less stable at -0.9%; the basic range, priced below CHF 200, was in positive territory at +8%.
The snapshot of the top ten markets for the first ten months of 2025 provides a very different picture from that of October alone. Only three of the largest markets have a positive sign, albeit a modest one: the United States (which benefited from the effect of stocks made ahead of tariffs), the United Arab Emirates and Italy. This is the performance of the top ten: United States 3.7 billion francs (+3%), Japan 1.54 billion (-6%), China 1.51 billion (-13%), Hong Kong 1.46 billion (-7%), United Kingdom 1.40 billion (-1%), Singapore 1.3 billion (-0.8%), France 1.05 billion (-3%), United Arab Emirates 1.04 billion (+2%), Germany 1.03 billion (-5%), Italy 872 million (+0.2%).
