Swiss Watch Exports Grow for Fourth Month, Overcoming US Slump

(Bloomberg) — Swiss watch exports grew for the fourth straight month in August, buoyed by China and Japan, despite a sharp decline in shipments to the US.

Total shipments were up by 9.1% in value terms compared with a year earlier, turning the 12-month moving average positive for the first time in two years, the Federation of the Swiss Watch Industry said Thursday.

While the trend is improved, the results showed a global watch market that remains challenged by the impact of tariffs and geopolitical tensions that have eaten into luxury sales. Volumes for midrange and higher-end timepieces were weaker than for less expensive models, Vontobel analyst Jean-Philippe Bertschy said in a note.

Shipments to Japan, Singapore and China gained, while exports to the US declined sharply in August, down 19.4%.

“Regionally, the data were exceptionally volatile,” Bertschy said. The US drop reinforces the view “that the market is still distorted by tariff-related inventory movements and tough comparison bases.”

August is critical to companies’ third quarter performance due to China’s Valentine’s day, which falls on Aug. 19.

Still, global luxury brands have faced a deepening sales slump in China, where the economy is slowing and the government has cracked down on conspicuous consumption. A push to tax offshore wealth is also being felt from stock markets to casino floors, weighing on spending by the richest consumers.

“One positive month is insufficient to establish a sustainable recovery, particularly in light of renewed concern around Chinese consumer demand,” Bertschy added.

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