Swiss Watch Exports Fall in September Amid US Tariffs
Swiss watch exports declined 3.1% in September to 2 billion Swiss francs ($2.5 billion), driven by a significant drop in sales to the United States following the implementation of a 39% tariff imposed by the Trump administration.
The Federation of the Swiss Watch Industry reported yesterday that exports to the US plummeted 56% last month, marking the second consecutive monthly decrease after a surge in July as companies attempted to preempt the tariff. Major watchmakers including Richemont, Swatch Group AG, Audemars Piguet, Patek Philippe, and Rolex SA have all been impacted by the levy, which represents the highest tariff rate among developed nations. Shares of Swatch Group fell as much as 4.6% in Zurich, while Richemont experienced a 0.7% decline.
Excluding the United States, Swiss watch exports would have risen by 7.8% in September, indicating continued demand in other markets. The decline was particularly noticeable in steel watches, with a 3.8% decrease in value, and across both high-end timepieces (over 3,000 francs) and entry-level models (under 500 francs). Mid-priced watches, however, saw a 4.2% increase in exports. This downturn could impact Switzerland’s overall trade balance, as watches are a key export commodity.
Despite the decline in watch exports, overall Swiss exports to the US rebounded in September, suggesting resilience in demand for Swiss goods. Vontobel analyst Jean-Philippe Bertschy noted, “Trading conditions remain difficult, albeit against easier comparatives heading into 2026.” The Swiss government is continuing negotiations with Washington to lower the tariff, though Commerce Secretary Howard Lutnick’s recent statement that the US will “probably get a deal done with Switzerland” has not yet yielded any concrete progress.
