Swiss watch exports are on something of a roller coaster ride so far this year, surging in April, particularly in the U.S., as retailers and brand boutiques stocked up ahead of speculation about tariffs in an endeavor to avoidinevitable price hikes. Exports then dropped dramatically in May. According to the Federation of the Swiss Watch Industry (FH), exports of watches to the U.S. surged by 149% in April, the most ever, after U.S. President Donald Trump floated the idea of imposing a 31% levy on imports from Switzerland. In May, however, exports to all the main markets for Swiss watches experienced a sharp decline. In the U.S., they tanked by -25.3%. China was down -17.4%; Japan by -10.5%; Hong Kong by -12.6%; and the UK by 14%. “The sharp rise in exports in April were a reflection of a one-off response to an uncertain commercial situation than a genuine sign of a structural strengthening of demand,” the FH said.

"The worldwide May exports of 2.1 billion Swiss francs (-9.5%), were notably impacted by the downturn in the U.S. market, following the peak in April, and the United States accounted for over 40% of the global decline. Although more moderate than expected, this boomerang effect followed the increase of 150% seen in April,” says the FH. “Japan (-10.5%) and the United Kingdom (-14.5%) joined the list of markets in sharp decline, which is already dominated by China (-17.4%) and Hong Kong (-12.6%). The United Arab Emirates was the only one of the top 12 markets to achieve positive performance in May, but has still been on a downward trend since the start of the year.”

On a positive note, the overall trend in Swiss watch exports since the start of 2025 has edged slightly above last year, with growth of +1.1% by the end of May, bringing the cumulative total to 10.8 billion Swiss francs. The real test comes in the fall, when exports tick up again ahead of holiday sales. The Swiss watch industry tends to shut down for July and August, but comes alive again with Geneva Watch Days, a trade and collector show held over Labor Day weekend at various venues in Geneva. And 2026 dates have already been set for the main luxury watch fair on the calendar, Watches and Wonders, scheduled for April 14-20.