Watches, US and more expensive pieces drive sales
April saw a strong rebound in exports of Swiss watches overseas, where stocks are accumulating at a time of uncertainty. Sales of the most valuable timepieces did well
2' min read
2' min read
Exports of Swiss watches rose strongly in April. A large pull came from the US, in a context where uncertainties related to tariffs and trade have evidently pushed overseas operators to stockpile. Exports of Swiss timepieces in the month totalled CHF 2.54 billion (EUR 2.71 billion at current exchange rates), 18.2% more than a year earlier. For the first four months of 2025 as a whole, exports amounted to CHF 8.66 billion (EUR 9.24 billion), 4% more than in the same period of 2024.
This is the performance of the top ten markets in April: United States 851 million francs (+149%), Japan 175 million (+1%), United Kingdom 144 million (+1%), Singapore 132 million (-9%), China 131 million (-30%), Hong Kong 131 million (-22%), France 112 million (+4%), United Arab Emirates 99 million (-6%), Germany 99 million (-14%), Italy 79 million (-12%). Exports of high-end products in particular rose in the month. Exports of watches priced above CHF 3,000 rose by 22% in value; exports of mid-range products, priced between CHF 500 and CHF 3,000, rose by 5%; exports of mid-range watches, priced between CHF 200 and CHF 500, fell by 1%; and exports of watches in the basic range, priced below CHF 200, rose by 10%.
As far as the major markets are concerned, this is the trend for the four-month period January-April: United States CHF 1.9 billion (+42%), Japan CHF 616 million (+1%), Hong Kong CHF 572 million (-14%), China CHF 555 million (-24%), United Kingdom CHF 536 million (+3%), Singapore CHF 525 million (-5%), Germany CHF 411 million (-1%), United Arab Emirates CHF 401 million (-6%), France CHF 390 million (-1%), Italy CHF 317 million (+4%).
The Swiss watch industry accounts for more than 50% 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 sharp increases in the three-year period 2021-2023, Swiss exports ended 2024 with a moderate decline.
Swiss exports have so far only recorded a negative sign in February. However, the international economic slowdown, the strength of the franc, which makes Swiss products more expensive, and now the great uncertainties associated with the war on tariffs launched by US President Trump are factors that lead Swiss industry to be cautious in its forecasts. The US-driven jump in April is in itself positive but, as Fh itself points out, it is linked to a particular situation and is therefore not a true sign of a structural strengthening of demand. For now, the Swiss pole's goal for 2025 remains to limit export contractions and, in the best-case scenario, to have an albeit moderate annual increase.
