Swiss Watch Exports Jump in April Ahead of Threatened US Tariffs

(Bloomberg) — Swiss watch exports jumped by almost a fifth in April as shipments to the US more than doubled ahead of expanded tariffs threatened by President Donald Trump.

Total shipments rose 18% to reach 2.5 billion Swiss francs ($3 billion) for the month, according to the Federation of the Swiss Watch Industry, with exports to the US, the single biggest market, up a whopping 149%.  

This is the “result of early shipments prompted by the announcement of US tariffs,” said Jean-Philippe Bertschy, an analyst at Vontobel. Watches made from precious metals, steel and bimetallic materials, products also targeted by Trump, saw the most growth. 

Exports fell 6.4% to the rest of the world, continuing a weak start to the year. The US jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Bertschy said.

Trump imposed a 10% levy on imports from Switzerland in early April, and has threatened a 31% surcharge if a new trade deal isn’t reached, though the July 9 deadline could be extended. The watch industry would be hit hard by any increase. 

Asian markets displayed further weakness, with exports to Singapore falling 9%, China off 30% and Hong Kong down 23%.

In the latest earnings season luxury players including Richemont, LVMH, and Hermès reported sales drops in watches. 

“The rise of ‘luxury fatigue,’ a declining ‘feel-good factor’ from luxury purchases, and worsening consumer sentiment all contribute to a less optimistic outlook,” according to Bertschy. 

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