Swiss Watch Exports Drop, Skewed by 2025 Rush Before US Tariffs

(Bloomberg) — Swiss watch exports fell in April from a year earlier, when companies were rushing to get stock into the US ahead of higher tariffs.

Overall shipments were down 16.6%, led by a 56% plunge to the US. In the same month of 2025, exports to the US jumped 149%. Excluding the US, exports rose 3% in April 2026 and were up 1.7% year-to-date, “which is more consistent with the gradual recovery in the watch market,” Vontobel analyst Manuel Lang said.

Still, the conflict in the Middle East also weighed on the industry, with exports to the United Arab Emirates falling 9.5%. Shipments to Saudi Arabia and Qatar declined 17.3% and 12% respectively.

The drop was across almost all categories but especially watches made from precious metals. Exports of watches priced above 3,000 Swiss francs ($3,820) suffered the steepest fall of 19%.

Asia was one of the few bright spots, with exports to China up 17.1% and shipments to Hong Kong 13.5% higher. That pointed to improving sentiment in two of the sector’s most important markets, though combined exports remain lower than 2024 levels.

©2026 Bloomberg L.P.