Swiss watch exports in September: US market falls by half
September brought no recovery for the Swiss watch industry. Exports fell by 3.1 percent year-on-year to €2 billion. Cumulative exports amounted to €19 billion, down 1.2 percent from the period January to September 2024.
The US market performed particularly poorly once again. After a 150 percent increase in April following the announcement of Trump's tariffs, two sharp declines followed (May -25.3%, June -17.6%). In July, the Swiss watch industry then recorded a 45 percent increase. Stockpiling was once again the order of the day after the US stipulated that Swiss exports would be subject to a 39 percent tariff starting August 7th. However, exports declined significantly again in August compared to the same period last year (-23.9%).
US market: minus 55.6 percent
September marked a new low for Swiss watch exports, with a decline of 55.6 percent. This significant drop completely negated what was otherwise a relatively positive result. Excluding the US, September would have shown an increase of 7.8 percent.
Great Britain is the strongest export market in August
Specifically, Great Britain topped the rankings with growth of 15.2 percent, relegating the USA and China – once the strongest markets for the Swiss watch industry – to third and fifth place.
Japan also continued its downward trend (-7.9% yoy), but the decline was more moderate than in the previous four months. However, Hong Kong (+20.6% yoy), China (+17.8% yoy), and Singapore (+8.3% yoy) showed new momentum.
The situation was less positive in the rest of Europe, particularly in France (-3.5% yoy), Germany (-14.6% yoy), and Italy (-3.9% yoy). Other regions, including South Korea (+21.5% yoy), Australia (+14.2% yoy), Mexico (+44.1% yoy), and India (+28.3% yoy), recorded strong growth.
Watch exports decline by 94,000 units
Steel watches led the way with a 3.8 percent decline in value, exacerbated by the sharp decline in bimetallic products (-10.4 percent). The increase in precious metal watches (+1.5 percent) had no impact on the overall situation.
Overall, 94,000 fewer items were exported in September (-7.6% yoy). The decline was mainly due to steel watches (-6.1% yoy) and the other materials category (-16.2% yoy).
Lower price segment declines sharply. All price segments, with the exception of watches with an export price between CHF 500 and CHF 3,000 (+4.2%), recorded a decline in exports in September. Watches over CHF 3,000 recorded a decline of 3.4 percent, while watches under CHF 500 experienced a sharp decline of 15.6 percent.
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