Swiss watch exports to the U.S. continue their roller coaster ride of ups and downs, with retailers stocking up in anticipation of tariffs and then cutting orders off sharply once a round of tariffs takes hold. Swiss exports to the U.S. dropped by an astounding -55.6% in September, usually a busy month ahead of holiday sales in America. This follows a surge of 45% in July in anticipation of Donald Trump’s shocking 39% tariff on Swiss exports to the U.S., which took hold August 7. A similar surge happened in April, ahead of earlier tariff threats, when exports to the U.S. skyrocketed by 149%, before dropping in May by -25.3%. Now that the original 39% tariff promised by Trump has been trimmed down to 15% (after a Hail-Mary visit to the White House from Rolex CEO Jean-Frederic Dufour and Richemont chairman Johann Rupert – thank you Mr. Dufour. Thank you Mr. Rupert), exports will likely even out to a solid increase by the end of the year.
Even before the tariffs dropped, the surge-and-drop cycle of exports had evened out to a total increase of 10.4% in exports to the U.S. (year on year) for the first nine months of 2025. “Most markets saw marked increases in September, but these were cancelled out by the huge correction in the United States (-55.6%),” says the Federation of the Swiss Watch Industry (FH), which compiles the statistics. “Without this expected but nonetheless extraordinary development, Swiss watch exports would have grown by 7.8%”. Worldwide for the month of September, exports dropped by -3.1%: Hong Kong exports were down -7.8%. China dropped by -7.6%. Japan was up by 7.9%. the United Kingdom rose to the top of the ranking, with growth of 15.2%. Conversely, Japan continued on a downward trend (-7.9%), though the decline was more moderate than during the previous four months.
The U.S. remains the number one market for Swiss watches, with exports of CHF 3.5 billion for the first nine months of the year, followed by Japan at CHF 1.4 billion. China is third with CHF 1.33 billion, and Hong Kong fourth at CHF 1.3 billion.
(Update: exports dropped -4/4% globally in October. They dropped by a whopping -46.8% to the U.S. – remember this was before the tariffs dropped to 15% from 39%. Despite this, end-of-year data is likely to show an overall increase for 2025.
Another anticipated result of the imposition of tariffs: price increases among top brands. Rolex raised prices by 3% in May, and in September, Patek Philippe raised prices by 15% in the U.S. Patek Philippe’s American retail partners have also had their margins trimmed on each watch sold. Swatch Group AG, whose brands include Omega Blancpain and Glashutte Original, raised prices between 5% and 15% for some brands in response to the tariffs and the strengthening franc against a weak U.S. dollar. CEO Nick Hayek was quoted in a Reuters article in September: "Depending on the brand, we will increase prices in the range of 5% to 15% … Naturally, American customers aren't happy about that, but they also understand that it isn't our fault, but rather the result of U.S. policy," he said, adding, “But since we also have a strong presence in Canada and Mexico, there will be opportunities there too for American consumers.”
Every decade brings its own crisis to the Swiss watch industry. When the recession of 2009 hit, exports tanked by 22%. Smaller manufacturers went out of business, and watch magazines shut down. In 2015, when the Swiss Franc was uncoupled from the Euro, exports fell by 3%, which doesn’t sound like a lot, but there were regional differences: exports to Hong Kong, China and Russia were down by about 20%. And let’s not forget the quartz crisis of the 1980s. FH stats don’t go back that far, but it’s common knowledge that the Swiss watch industry was decimated. It took years to come back, with the help of strategic investment and great marketing. But it did come back. The Swiss watch industry always bounces back.
Watch Industry Statistics (2025) FH. Available at https://www.fhs.swiss/eng/statistics.html.
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