Swiss Watch Exports: The Upward Trend Continues—But Markets Are Shifting

Swiss watch exports rose by 9.1 percent in August. Following strong performance in June and July, this further points to a stabilization of the market. At the same time, individual markets continue to show significant shifts.

The Swiss watch industry is continuing its recent positive export trend. In August 2026, exports rose by 9.1 percent compared with the same month a year earlier, reaching 1.789 billion CHF. In the first eight months of the year, exports totaled CHF 17.24 billion—1.7 percent more than in the same period last year.

The trend over the past few months is particularly noteworthy. Following a sharp decline of 16.6 percent in April, May initially saw a slight increase of 0.4 percent. In June, exports rose by 11.2 percent, and in July by 9.6 percent. August now marks the third consecutive month of significant growth.

According to the Federation of the Swiss Watch Industry (FH), the 12-month moving average has also returned to positive territory for the first time in two years.

U.S. Economy Slows Down – China Turns Positive

However, the picture remains extremely mixed across the major export markets.

The U.S. market stands out in particular. After exports had risen by 26.5 percent in July, they fell by 19.4 percent in August to 197.5 million CHF. While the U.S. remains the most important single market, these sharp monthly fluctuations demonstrate just how much the export statistics are currently influenced by pull-forward effects, inventory movements, and changes in trade policy.

In China, however, the picture is different for the first time in quite a while. Exports rose by 15.8 percent in August to 133.5 million CHF. In July, they had fallen by 18.5 percent; in June, by 16.5 percent; and in May, by 21.4 percent.

A single month does not necessarily signal a turnaround. Nevertheless, following the long period of weakness, the August results are remarkable. It was only in August that Switzerland announced the conclusion of negotiations on the optimization of its free trade agreement with China. While this agreement could improve the framework conditions for Swiss watches in the future, it has not yet entered into force. The current increase in exports therefore cannot be attributed to the agreement.

Japan also posted strong gains, rising 22.1 percent. Hong Kong gained 1.4 percent, and Singapore rose 8.5 percent.

Germany Posts Significant Increase

Germany also reported a strong rebound in August. Swiss watch exports rose 34 percent compared with the same month a year earlier.

This means that the picture is also shifting significantly here: In May, exports to Germany had fallen by 18 percent, and in June by 10.6 percent. However, it is not yet possible to determine whether August already signals a sustained improvement.

It is even more difficult to interpret the European markets as a whole. The United Kingdom rose by 46.1 percent, while France posted a gain of as much as 113.5 percent. Italy, on the other hand, fell by 40.4 percent.

The association itself is therefore urging caution. In particular, the extraordinary developments in France over the past few months do not solely reflect domestic demand there. The country has gained importance as a logistics hub, which can shift the flow of goods between European markets.

Growth at the top and bottom—the middle remains challenging

The trend in price segments also remains interesting.

Watches with an export price of less than 200 CHF rose by 13.3 percent in August. The segment between 200 and 500 CHF grew by 6.1 percent.

At the other end of the market, exports of watches with an export price exceeding 3,000 CHF rose by 10.2 percent. In contrast, the segment priced between 500 and 3,000 CHF declined slightly once again, by 0.9 percent.

This continues a trend that has already been evident in recent months: growth is occurring primarily at both ends of the market, while the mid-range segment is struggling. In July, exports in the 500–3,000 CHF range had already declined by 3.9 percent.

In total, approximately 95,000 more watches were exported in August than in the same month of the previous year. All material categories recorded increases in value.

Stabilization, yes—but it’s too early to breathe a sigh of relief

After a weak start to the year and a sharp decline in April, the outlook for Swiss watch exports has changed significantly within just a few months. Eight months into 2026, exports are now 1.7 percent higher than last year.

Even more important than this moderate increase is the trend: Three clearly positive months in a row and a positive 12-month moving average—the first in two years—suggest that the prolonged period of weakness has, at the very least, lost some of its momentum.

It would still be too early to speak of a broad-based recovery, however. The differences between the markets are simply too great for that. The U.S. market remains volatile, European figures are partly distorted by shifts in trade flows, and China has yet to show whether August’s gain is more than just a rebound following weak previous months.

August thus provides another positive sign—but not yet evidence of a sustained turnaround.

Source: Federation of the Swiss Watch Industry (FH)