Swiss Watch Exports Tumbled in April as U.S. Tariff Volatility Persists

By Andrea Figueras

Exports of Swiss watches dropped in April due to a pronounced decline in shipments to the U.S. as tariff volatility continues.

Total exports of timepieces made in the Alpine nation were valued at 2.13 billion Swiss francs ($2.71 billion) in April, down around 17% compared with a year prior, according to data from the Federation of the Swiss Watch Industry released Tuesday. There was a 3.9% year-to-date decline in the first four months of 2026.

Exports to the U.S. fell 56% in April. This was due to an unfavorable base effect following a sharp rise in exports last year in response to the announcement of an increase in U.S. levies, the industry body said. In April last year, exports of Swiss watches to the country surged by around 149% on year due to early shipments that aimed to get ahead of tariffs.

"The headline looks weak, but the comparison base is highly distorted by last year's tariff-driven surge in U.S. shipments, so the underlying picture is less bad than the reported number suggests," Vontobel's Jean-Philippe Bertschy said in a note.

"The U.S. remains difficult to read because tariff and inventory effects are still creating a seesaw pattern that should continue through the year."

That said, the U.S. market has grown by 8.9% compared with April 2024, the data showed.

Excluding the U.S., exports rose 3% in April and 1.7% year-to-date, Bertschy said, adding that this is more consistent with the gradual recovery in the watch market visible among luxury players including jeweler and watchmaker Richemont and sector bellwether LVMH.

Still, the luxury sector continues to face challenges from economic and geopolitical instability. The industry, which was betting on a rebound in demand this year, is now grappling with the effects of the war in the Middle East.

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

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June 02, 2026 07:03 ET (11:03 GMT)