By
Bloomberg
Published
May 27, 2025
Swiss watch exports surged by almost a fifth in April, as shipments to the United States more than doubled ahead of potential expanded tariffs announced by President Donald Trump.
According to the Federation of the Swiss Watch Industry, total exports rose 18% for the month, reaching 2.5 billion Swiss francs ($3 billion). Exports to the U.S.—the industry’s single largest market—spiked by 149%.
“This is the result of early shipments prompted by the announcement of U.S. tariffs,” said Jean-Philippe Bertschy, an analyst at Vontobel. Watches made from precious metals, steel, and bimetallic materials—all targeted by Trump—saw the strongest growth.
In contrast, exports to the rest of the world declined by 6.4%, continuing a weak trend from earlier in the year. Bertschy added that the sharp U.S. increase was likely a one-time reaction from exporters looking to avoid higher tariffs, not a sign of long-term demand growth.
Trump imposed a 10% tariff on imports from Switzerland in early April and has since threatened a 31% surcharge if a new trade agreement is not reached. The deadline is currently set for July 9, although it may be extended. Any increase would have a significant impact on the watch industry.
Performance in Asian markets remained sluggish. April exports to Singapore declined 9%, fell 30% in China, and dropped 23% in Hong Kong.
During the most recent earnings season, major luxury groups including Richemont, LVMH and Hermès reported declines in watch sales.
“The rise of ‘luxury fatigue,’ a declining ‘feel-good factor’ from luxury purchases, and worsening consumer sentiment all contribute to a less optimistic outlook,” Bertschy noted.