Swiss watch exports slump significantly in August

There's no relief in sight. Swiss watch manufacturers are struggling with significant export declines across all markets. A total of CHF 17 billion worth of watches were exported in August 2025, representing a 16.6 percent decline compared to the same month last year. Volume also declined by a good 16 percent to one million units.

US market declines sharply

The first look at the export statistics focuses on the US market, which has been severely impacted by the 39 percent tariff that came into effect on August 7. After some massive export increases to fill overseas warehouses, the expected sobering has now set in. The decline in exports in August of this year was 23.9 percent lower in value than the same month last year.

No compensation in other markets

Other important and large markets not only failed to compensate for the decline, but also declined sharply: Hong Kong (-12.5% yoy) and China (-35.5% yoy) continued their downward trend, while the UK recorded a sharp decline (-20.5% yoy). Japan (-22.5% yoy), which was also affected by a negative base effect, and Singapore (-14.2% yoy) followed suit. Exports to Germany were also 24.9 percent below the previous year's figure in August.

All material and price categories recorded declines

All material categories recorded very negative results in both volume and value. The decline in precious metal watches (-17.3 percent) and steel watches (-13.7 percent) had a particularly strong impact on total export value. In terms of volume, the Other Materials category fell by 30.6 percent, while steel watches declined by 6.9 percent.

Watches priced above CHF 3,000 (export price) led the way, declining by 17.4 percent due to a negative base effect. All other price segments also recorded negative results, particularly watches priced below CHF 200 (-17 percent) and watches with an export price between CHF 500 and CHF 3,000, which declined by 14.5 percent.