Swiss Watch Exports: Significant Decline in April 2026
The Federation of the Swiss Watch Industry (FH) has released its export figures for April 2026 much later than usual. The news is not very encouraging.
After the Swiss watch industry closed out the first quarter of 2026 with a slight increase of 1.4 percent in export figures to CHF 6.2 billion compared with the same quarter of the previous year, Swiss watch exports saw a significant decline in April.
Exports by value were 16.6 percent below the level of the same month last year. Total exports amounted to CHF 2.1 billion, representing a cumulative decline of 3.9 percent over the first four months of the year. In terms of volume, exports also fell by 10 percent to 1.2 million units.
It is likely that export volumes in the lower price segment will increase significantly in May due to the global launch of the Audemars Piguet x Swatch “Royal Pop”—similar to what happened with the “MoonSwatch” in 2022. However, given the low export price, this is not expected to have a significant impact on the total value of exports.
Swiss Watch Exports in April 2026
The decline in value affected nearly all material categories, particularly watches made of precious metals (-24.3%) and steel models (-18.1%). Only the “Other Metals” category recorded growth (+10%); however, due to its relatively small size, this was not enough to reverse the negative trend.
In terms of volume, steel watches (-10.6%) had the greatest impact on the overall result. Overall, exports fell by 129,000 units in April.
With the exception of watches with an export price between CHF 200 and CHF 500 (+7.7%), all price categories saw significant declines. Models with an export price of over CHF 3,000 were particularly hard hit, with their export value falling by 19 percent compared to April 2025.
The U.S. economy is suffering a massive slump
Once again, developments in the U.S. set the tone. The 56.4 percent decline, resulting from an unfavorable base effect following the sharp rise in exports the previous year—triggered by the announced increase in U.S. tariffs—weighed heavily on the overall result.
However, looking at the long term, the U.S. market has grown by 8.9 percent compared to April 2024, according to the Federation of the Swiss Watch Industry (FH).
Among the key markets, France (+46.3%) posted strong growth, which, according to the FH, does not reflect the actual market trend. It was followed by Singapore (+17.3%), China (+17.1%), and Hong Kong (+13.5%), which benefited from a positive base effect. Japan (-12.1%), the United Kingdom (-9.7%), Germany (-6.4%), and the United Arab Emirates (-9.5%), on the other hand, saw significant declines.
