Swiss Watch Exports Rise Despite Weak Luxury Demand

By Andrea Figueras

Exports of watches made in Switzerland jumped last month, offering a boost to a luxury sector still struggling to gain traction.

Total exports of Swiss timepieces climbed nearly 12% in September compared with the same period a year earlier, reaching 2.23 billion Swiss francs, or $2.70 billion, according to data released Tuesday by the Federation of the Swiss Watch Industry. That marks a fourth consecutive month of growth in exports, picking up pace from the 9.1% increase reported in August.

The result was driven by a significant rise in exports to the key U.S. market, which grew by some 86% during the month. The surge came against a favorable comparison base and amid continued uncertainty due to inventory adjustments in response to President Trump's tariff policy, which applied especially stringent duties to Swiss products when the first round of duties was unveiled.

Shipments to the U.S. remained distorted due to tariff-related volatility, Citi analysts wrote in a research note.

Exports of jewelry made in the Alpine nation, meanwhile, rose nearly 15% last month, boosting the country's overall exports, which rose by 1.5% in September, according to data also published Tuesday by the Swiss government.

The Swiss watch sector remains on track for a gradual recovery following a rough patch due to weak demand for luxury goods, especially in China, and trade disputes, analysts at Bernstein wrote. Macroeconomic risks still persist, the brokerage said, noting that higher oil prices, inflation and the potential re-emergence of tariff-related disruptions in the U.S. could still threaten the industry's "slow and drawn-out" rebound.

"September offers a stronger headline, but still argues for some caution," Vontobel's Jean-Philippe Bertschy said in a research note. Swiss watch exports to China dropped 14% during the month. The renewed decline in China reinforces the cautious demand picture described by LVMH earlier this month, Bertschy said. Last week, the French luxury titan said that sales growth slowed in the third quarter, as a slowdown in Chinese demand weighed on the performance of its mainstay fashion business.

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

(END) Dow Jones Newswires

October 20, 2026 07:30 ET (11:30 GMT)