Swiss watch exports tumbled 16.5 percent year-on-year in August to 1.64 billion Swiss francs, hit by escalating US tariffs and weakening demand in Asia, the Federation of the Swiss Watch Industry (FHS) reported.
The decline, labelled "very negative" by the FHS, affected all categories, with wristwatches down 16.6 percent to 1.57 billion Swiss francs. The United States, the top market, saw exports plummet 23.9 percent to 245.1 million Swiss francs, following President Trump's imposition of an additional 29 percent duty on 8 August, raising total tariffs to 41 percent. This reversed July's 45 percent surge from front-loaded shipments. Year-to-date, US exports are up 19 percent, but momentum is fading.
Asia suffered acutely: China dropped 35.6 percent to 115.3 million Swiss francs (down 19 percent year-to-date), Hong Kong 12.5 percent to 116 million (11 percent down YTD), Japan 22.5 percent to 111 million (6 percent down YTD), and Singapore 14.2 percent to 106.9 million.
The United Kingdom fell 20.5 percent to 112.8 million in August but is down just 3 percent year-to-date, offering relative stability. Europe fares better, with France and Germany down around 5 percent, Italy flat.
Globally, exports for the first eight months reached 17.0 billion Swiss francs, a 1 percent dip against a strong 2024 base. Growth in Spain, Turkey, India, and Saudi Arabia provides some offset, but Swiss luxury giants like Rolex face challenges as tariffs and economic slowdown test diversification efforts. (Photo courtesy: FHS)
10-10-2025
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