As the year comes to the close, things still aren’t looking too hot for the Swiss watch market.
Exports from the country dropped for the fourth month in a row in November, with the sector seeing a 7.3 percent decline from the year prior, according to the Federation of the Swiss Watch Industry’s latest report. The figure marks the largest decrease since August, which was when President Trump announced the substantial 39 percent levy on Swiss goods. The U.S. government has since cut that tariff to 15 percent.
Switzerland saw around 1.3 million watches leave its borders in November, totaling 2.2 billion francs, or about $2.8 billion. Exports sent over to the U.S. saw the largest decline by far, dropping by 52.3 percent as the industry continued to deal with repercussions of the changing tariffs. And though news of the 15 percent figure broke last month, it was only announced on December 10 that the new levy would be applied retroactively from the date the deal was revealed, on November 14. Now that that 15 percent is the new benchmark, Citigroup analyst Thomas Chauvet expected watch exports to increase, he told Bloomberg.
Elsewhere around the world, Swiss watch exports increased to the U.K. and Singapore by 7.9 percent and 4.9 percent, respectively. Japan, meanwhile, saw a drop of 4.1 percent, with China following close behind with a 3.2 percent decline. Last but not least, Hong Kong experienced a 3.1 percent increase in timepieces from Switzerland. Watches made from precious metals and steel were one of the reasons for decreases overall; those two groups dropped by 4.9 percent and 9.3 percent, respectively, in November.
The Federation of the Swiss Watch Industry’s latest report only adds to what has been a tough year for the sector. In August, for example, the industry saw a 16.4 percent dip, hitting around $1.98 billion, or 1.57 billion Swiss francs. Exports to the U.S. have seen declines year-over-year all throughout 2025, too, marked by a 56 percent plummet in September. December’s incoming figures, when they do arrive, will hopefully paint a brighter picture for the market heading in 2026.
