Watches, exports hold. Uncertainty for the US, China on the upswing
In the first half of the year, exports decreased by 0.1% compared to the same period in 2024. The only segment that increased was the medium-high priced watch segment. Swatch, revenue -7%
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Exports of Swiss watches fell in June, but remained broadly stable in the first six months of 2025. Exports of Swiss timepieces in June were CHF 2.15 billion (EUR 2.3 billion), 5.6 per cent lower than in the same month of 2024. In the first half of 2025, exports amounted to CHF 12.91 billion (EUR 13.8 billion), 0.1% less than in the same period last year.
After filling up in April, the US, the number one market, recorded a marked decline in June, as had already happened in May. In April there had been the tariffs announcement effect, with overseas traders rushing to stock up. The effect then wore off and was seen in the figures for May and June. China rebounded in June after many downturns, while Japan and Hong Kong experienced contractions. Singapore, Germany and the United Arab Emirates recorded a positive sign, Italy contained the decline.
This is the picture of the top ten markets in June: United States 310 million francs (-17%), China 172 million (+6%), United Kingdom 155.9 million (-0.1%), Japan 155.6 million (-11%), Hong Kong 147 million (-10%), Singapore 144 million (+2%), Germany 125 million (+5%), France 122 million (-6%), Italy 110 million (-1%), United Arab Emirates 100 million (+2%). During the month it was the medium-high-end watches, and not the high-end watches as is often the case, that were the driving force.
Exports of high-end timepieces, priced above CHF 3,000, recorded -9% in value; the medium-high range, priced between CHF 500 and CHF 3,000, recorded +16%; the medium range, priced between CHF 200 and CHF 500, recorded -24%; the basic range, priced below CHF 200, recorded -10%.
The picture of the first six months, again with regard to the top ten markets, is quite different from that of June alone. The United States remains largely positive and Italy also has a plus sign, albeit a very small one. The other main markets are in the negative. The figures for the first half of the year are as follows: USA CHF 2.5 billion (+20%), Japan CHF 931 million (-3%), China CHF 893 million (-18%), Hong Kong CHF 877 million (-13%), UK CHF 823 million (-0.5%), Singapore CHF 807 million (-3%), Germany CHF 646 million (-0.8%), France CHF 632 million (-6%), United Arab Emirates CHF 621 million (-1%), Italy CHF 521 million (+0.8%).
