Swiss watch exports: no upturn in sight in June either - USA slumps, Germany develops positively

Looking at Switzerland's export sector as a whole, there is good news: Exports rose by 8.6 percent in June compared to the same month last year, reaching CHF 23 billion.

After a significant decline in May, Swiss exports to the US increased by 26.9 percent in June. However, this growth did not fully offset the 39.6 percent decline in May.

There is a decline in watch exports

The watch industry is an exception, with exports declining after a significant decline in May continued to decline in June, by 5.6 percent to CHF 2.2 billion.

The reason for this renewed poor performance is primarily the sharp decline in exports to the USA (–17.6% yoy), Japan (–11% yoy) and Hong Kong (–10.6% yoy).

Since the beginning of the year, the total value of Swiss watch exports has remained almost unchanged at around CHF 13 billion compared to the first six months of the previous year. However, if the downturn becomes more entrenched, 2025 could end with a negative result.

Slight recovery in China

The United Kingdom rose to third place in the ranking with stable growth (-0.1 percent) compared to June 2024. China recorded growth of 6.1 percent, supported by a favorable base effect. However, it still only reached a fraction of its pre-real estate crisis levels, and exports were almost 30 percent below the level of two years earlier.

Exports to Germany rose by 5.1 percent compared to June of last year.

Fewer and fewer Swiss watches are exported

Watches made of precious metals and steel, which alone accounted for over 75 percent of export value, led the way with an average decline of 4.4 percent. The total number of items shipped fell by 123,000 units to 1.2 million, mainly due to the significant volume decline in the "Other Materials" category (-29.8 percent).

All price segments recorded significant declines of an average of 9.7 percent, with the exception of watches with an export price between CHF 500 and CHF 3,000, which recorded solid value growth of 16 percent.