US market drives Swiss watch exports
In July, EUR 2.55 billion was reached, 6.9% more than a year earlier. Without the US there would have been a 0.9 per cent drop
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2' min read
Lino Terlizzi
Swiss watch exports rose sharply in July, thanks to the US market. As in April, when the increase was even stronger, it was the uncertainties surrounding the US tariffs, which came into force in August, that drove exports to the US; many overseas traders chose to stockpile.
Exports of Swiss timepieces in July totalled CHF 2.39 billion (about EUR 2.55 billion), 6.9% more than a year earlier. Without exports to the USA, which is the largest market, there would have been a slight decline of 0.9%, according to the Federation of the Swiss Watch Industry (Fh). For the first seven months of 2025 as a whole, total exports of Swiss watches amounted to CHF 15.31 billion (about EUR 16.32 billion), 1% more than twelve months earlier.
This is the trend for the top ten markets in July: United States 554 million francs (+45%), Japan 169 million (-10%), China 164 million (-6%), Hong Kong 155 million (+4%), United Kingdom 147.2 million (+0.2%), Singapore 147 million (+14%), France 113 million (+1%), United Arab Emirates 108 million (+2%), Germany 97 million (-14%); Italy, with 85 million, fell by 9% but managed to remain in the top ten. As regards the types of products exported, the greatest increase in the month was in the high range, with prices above CHF 3,000, which recorded +9% in value; the medium-high range, with prices between CHF 500 and CHF 3,000, recorded +0.4%; the medium range, with prices between CHF 200 and CHF 500, recorded +7%; the basic range, with prices below CHF 200, recorded a drop of 1%.
Looking at the period from January to July, the picture confirms even more that it was the USA, with its increases, that allowed Swiss exports to progress so far in 2025. The other nine main markets were negative for the period. The figures are as follows: USA CHF 3.1 billion (+24%), Japan CHF 1.1 billion (-4%), China CHF 1.05 billion (-17%), Hong Kong CHF 1.03 billion (-11%), United Kingdom CHF 970 million (-0.4%), Singapore CHF 954 million (-1%), France CHF 749 million (-4%), Germany CHF 745 million (-2%), United Arab Emirates CHF 730 million (-0.5%), Italy CHF 609 million (-0.4%).
