Luxury

Exports of Swiss watches: the United States leads the upswing, but China and Hong Kong decline

Swiss watch exports returned to the positive thanks to the US, while China and Hong Kong recorded new declines. Good performance for the United Kingdom, Germany and Italy.

by Lino Terlizzi

18 April 2025

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Key points

Geopolitical uncertainty and the strengthening of the franc
March's top ten
The top ten of the first quarter.

2' min read

The export of Swiss watchmakers turned positive in March. The main driving force was the US. China and Hong Kong, on the other hand, recorded further declines. Among the Asian markets a plus sign, albeit slight, for Japan.

Among the major European markets, the UK, Germany and Italy performed well.

Exports of Swiss timepieces in the month amounted to CHF 2.1 billion (EUR 2.25 billion at current exchange rates), 1.5% more than a year earlier.

For the first quarter of 2025, exports amounted to CHF 6.1 billion (EUR 6.56 billion), down 1.1 per cent on the same period in 2024. The sharp contraction in February was felt on the quarterly accounts, which the increases in January and March failed to fully offset.

Geopolitical uncertainty and the strengthening of the franc

The Swiss watch industry accounts for more than half of the sector's worldwide turnover and exports more than 90% of its production. The export figures provided by the Federation of the Swiss Watch Industry (Fh) are therefore a relevant indicator. After clear increases in the three-year period 2021-2023, Swiss exports recorded a moderate decline in 2024.

This year, the Swiss centre must continue to face two main braking factors:
1) the international economic slowdown;
2) the strength of the franc, which makes Swiss products more expensive.
Many in the industry are predicting a volatile 2025 for watch exports, as was already seen in the first quarter.

March's top ten

In March, this was the trend for the top ten markets: US 405 million (+13%), Japan 160 million (+1%), UK 149 million (+10%), Hong Kong 146 million (-11%), China 140 million (-11%), Singapore 137 million (-1%), Germany 113 million (+7%), Italy 91.2 million (with a robust +22%), France 91.1 million (-2%), UAE 89 million (-12%).

As far as the type of exported products are concerned, the high-end products, priced above CHF 3,000, did well in the month, with +1.8% in value; the medium-high range, priced between CHF 500 and CHF 3,000, also did well, with +2.6%; the medium range, priced between CHF 200 and CHF 500, was clearly negative, with -17%; the basic range, priced below CHF 200, declined slightly, with -1%.

The top ten of the first quarter

Looking at the first quarter as a whole, this is the picture for the top ten markets: US 1.1 billion francs (+7%), Japan 441 million (+1%), Hong Kong 438 million (-11%), China 423 million (-22%), Singapore 393 million (-4%), UK 392 million (+4%), Germany 312 million (+3%), UAE 301 million (-6%), France 278 million (-4%), Italy 237 million (+11%).

In the coming months it will be necessary to see what developments will take place with regard to the US tariffs, which could also affect Swiss products in no small measure. Possible new US barriers are also a non-secondary variable for Switzerland. In the meantime, the goal for the Swiss watch industry remains to limit the downturn in exports and, in the best case scenario, to maintain an albeit moderate positive sign.