From Switzerland

Watch exports reverse trend and grow after four months of decline

by Lino Terlizzi

2 February 2026

2' min read

Translated by AI

Versione italiana

2' min read

Translated by AI

Versione italiana

Swiss watch exports returned to positive territory in December after four consecutive months of decline. The albeit moderate upturn in the last month of the year just ended allowed the Swiss watch industry to limit the overall contraction in 2025. In December, exports totalled CHF 2.10 billion (EUR 2.29 billion), 3.3% more than in the same month the year before. For the whole of 2025, exports amounted to CHF 25.55 billion (EUR 27.83 billion), 1.7% less than in 2024.

The month of December was largely characterised by strong rebounds in two of the largest markets, the US and France. For the US market, which had been affected by tariffs since April, the reduction in tariffs on US imports (from 39% to 15%), agreed between Washington and Berne in November, had a positive impact. This is the performance of the ten largest markets in the month: US 412 million (+19%), France 153 million (+50%), Hong Kong 146 million (-8%), China 140 million (-6%), Japan 135 million (-1%), UAE 128.8 million (-5%), Singapore 128.3 million (+13%), UK 126 million (+9%), Germany 71 million (-20%), Italy down at 61 million (-20%).

In December, all product ranges recorded a positive sign. The top-of-the-range watches, priced above CHF 3,000, recorded +2% in value; the medium-high range, priced between CHF 500 and CHF 3,000, progressed by 7%; the mid-range watches, priced between CHF 200 and CHF 500, jumped by 20%; and the watches in the basic range, priced below CHF 200, recorded +4%.

Turning to the overall budget for 2025, this is the situation for the ten largest markets: United States CHF 4.35 billion (-0.5%), Japan CHF 1.85 billion (-5%), China CHF 1.80 billion (-12%), Hong Kong CHF 1.79 billion (-6%), United Kingdom CHF 1.71 billion (+0.1%), Singapore CHF 1.63 billion (+0.7%), France CHF 1.32 billion (+1%), United Arab Emirates CHF 1.31 billion (+3%), Germany CHF 1.21 billion (-6%), Italy essentially stable at CHF 1.04 billion (-0.5%).

The Swiss watch industry accounts for more than 50 per cent of the sector's worldwide turnover and exports more than 90 per cent of its production. The export figures provided by the Federation of the Swiss Watch Industry (Fh) are therefore an important indicator. The international economic slowdown, the strength of the Swiss franc, which makes Swiss products more expensive, and US tariffs are all factors that put obstacles in the way of Swiss exports in 2025. The overall limited downturn in the year just ended brings a few more substantial glimmers of optimism for the Swiss watch industry. The obstacles, however, remain in the scenario, and so the challenge for the Swiss industry is in fact renewed in this just-started 2026.