Swiss Watch Exports Return to Growth After US Eases Tariffs
(Bloomberg) — Swiss watch exports returned to growth after four months of declines as brands rushed to send inventory to the US after it eased tariffs.
Exports gained 3.3% in December from a year earlier, reaching 2.1 billion Swiss francs ($2.7 billion), the Federation of the Swiss Watch Industry said Thursday. The recovery brought total annual watch exports to 25.6 billion francs, a fall of 1.7% compared with 2024.
Manufacturers of watches, machines and precision instruments were among sectors hit hardest by the 39% US tariff on Switzerland — the highest rate among any developed country until it was reduced retroactively from November.
Still, the current 15% import levy is higher than the 2% faced by companies before President Donald Trump’s trade measures. Some industry leaders are hopeful for a further reduction.
The value of timepieces sent to the US, the industry’s biggest market, grew strongly, up 19.1% last month, following the tariff cut. Exports of gold and steel watches dominated in terms of materials, with demand holding up despite the raw materials’ soaring prices.
Read: Gold Tops $5,500 as Thin Liquidity Boosts Record-Breaking Rally
France also recorded strong gains — exports soared by more than 50% — while China and Hong Kong were still in negative territory.
Exports in watches priced between 200 and 500 francs saw particularly strong growth, the watch federation said.
©2026 Bloomberg L.P.
