Swiss Watch Exports Continue on Downward Trend in U.S. Tariff Fallout

By Andrea Figueras

Exports of Swiss watches remained on a declining trend in October, driven by a sharp decrease in the U.S. as tariffs continue to take a toll.

Total exports of Swiss timepieces dropped 4.4% in October compared with the same period last year to 2.24 billion Swiss francs ($2.78 billion), according to data published Thursday by the Federation of the Swiss Watch Industry, or FH.

The fall was driven by a 47% slump in exports to the U.S., a core market for Swiss watches, following the trend seen in previous months due to the implementations of tariffs. Earlier this year, wholesale importers rushed to stock up on watches before the high duties became effective. At the end of July, the Trump administration unveiled steep tariffs of 39% on goods made in the Alpine country. However, Washington recently said it would lower the rate to 15%.

The U.S. saw continued reversal in the front-loading of shipments ahead of the levies, which should continue until rates are reduced, Citi analysts Thomas Chauvet and Alberto Cecchetto wrote in a note to clients.

Despite the difficult market backdrop in the U.S., other key markets recorded positive trends, including China. Exports to China jumped nearly 13% in October, increasing for the second month in a row. Luxury companies have been grappling with a sharp slump in demand for high-end goods in the country, once a growth engine for the industry before Chinese shoppers reduced their luxury budget due to the country's economic troubles. However, some groups including sector pacesetter LVMH, the owner of Louis Vuitton and Dior, have recently reported better trends in the country.

Export data from October reflects a mixed picture, Vontobel analyst Jean-Philippe Bertschy said in a note. Signs of improvement in China and continued strength in the Middle East contrast with resilience in Europe and lingering uncertainty in the U.S., he added.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

November 20, 2025 04:37 ET (09:37 GMT)