US tariffs sink Swiss watch exports
The 39% tariffs imposed by Trump on Switzerland caused exports to the US, the largest market for producers, to fall by 16.5% in August. Among the top 10 markets, only Italy reported growth
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US tariffs effect on exports of watches from Switzerland. In August there was a sharp drop in the US as well, after the sharp jump recorded by these in July, when overseas importers had been stockpiling, in anticipation of the entry into force of the duties, which have been in force since August. An ups and downs in some respects expected, aggravated by the fact that there was one fewer working day in the month than a year earlier. The other major markets, for their part, were also in the negative for the month, with the exception of Italy, the only one in the top ten to have a slight positive sign.
In August, exports of Swiss timepieces amounted to CHF 1.63 billion (EUR 1.74 billion), 16.5% less than in the same month of 2024. This is the trend for the top ten markets: United States CHF 245 million (-23%), Hong Kong CHF 116 million (-12%), China CHF 115 million (-35%), United Kingdom CHF 112 million (-20%), Japan CHF 111 million (-22%), Singapore CHF 106 million (-14%), United Arab Emirates CHF 78 million (-8%), Germany CHF 76 million (-24%), France CHF 73 million (-9%), Italy CHF 72 million (+3%).
During the month, all product ranges recorded a negative sign. The high-end range, with prices above CHF 3,000, had -17% in value; the medium-high range, with prices between CHF 500 and CHF 3,000, -14%; the mid-range, with prices between CHF 200 and CHF 500, -1%; the basic range, with prices below CHF 200, also closed the month with -17%.
As far as the first eight months of 2025 are concerned, for Swiss watch exports the damage is on the whole fairly limited. Between January and August, exports amounted to CHF 16.95 billion (EUR 18.17 billion), 1% less than in the same period last year. This is largely due to the American market, with a contribution from Italy, which is not great but should nevertheless be noted in the current complicated picture.
This is how the top ten performed over the eight months: US CHF 3.3 billion (+18%), Japan CHF 1.2 billion (-6%), China CHF 1.17 billion (-19%), Hong Kong CHF 1.14 billion (-11%), UK CHF 1.08 billion (-2%), Singapore CHF 1.06 billion (-2%), France CHF 823 million (-4%), Germany CHF 822 million (-5%), UAE CHF 808 million (-1%), Italy CHF 683 million (+0.2%).
