Swiss Watch Exports to the U.S. Plummet Amid Tariff Impact

In September 2025, Swiss watch exports to the United States experienced a dramatic decline, plummeting by 55.6% to 157.7 million Swiss francs (approximately $198.5 million). This drop marks the second consecutive month of falling exports, following a 23.9% decrease in August. The Federation of the Swiss Watch Industry reported that overall watch exports fell 3.1% year-on-year to 2 billion Swiss francs ($2.5 billion). The U.S. has now fallen to the third-largest market for Swiss watches, overtaken by the United Kingdom and Japan, which saw increases of 15.2% and 8.7%, respectively.

CityLabSwiss Watch Exports to U.S. Drop by More Than HalfRobb ReportRetail trade Slight decline in watch exports in September - renewed slump in the US

The sharp decline in U.S. imports is largely attributed to a 39% tariff imposed by the Trump administration on Swiss goods, which took effect on August 7, 2025. This tariff is the highest in the developed world and has significantly impacted the Swiss watch industry, prompting manufacturers to rush shipments prior to its implementation. The Federation noted that without the U.S. decline, Swiss watch exports would have seen a global growth of 7.8%.

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The downturn in U.S. exports has overshadowed gains in other markets, including China and Hong Kong, which reported increases of 17.8% and 20.6%, respectively. The U.S. market's share of Swiss watch exports has shrunk to 7.9%, down from around 15%. The decline was particularly pronounced in the steel watch segment, which saw a 3.8% decrease in value and a 6.1% drop in volume. In contrast, watches priced between 500 and 3,000 francs experienced a slight uptick in exports.

Robb ReportWWDSwiss watch exports slump in September on US tariffsUS tariffs harm Swiss exports, leading to a decline in watch sales

The Swiss government has been actively seeking to negotiate a reduction in the tariff but has faced challenges in achieving a favorable outcome. Experts have speculated that if the 39% tariff remains in place, some brands may consider a temporary withdrawal from the U.S. market. The situation has raised concerns among Swiss watchmakers, including major brands like Richemont and Swatch Group, which have been adversely affected by the tariff.

Swiss watch exports slump in September on US tariffs

The Federation of the Swiss Watch Industry described the export decline as "expected but nonetheless extraordinary." They emphasized that the U.S. tariff has shaken the entire watch industry, forcing manufacturers and retailers to explore alternative strategies to maintain their presence in the American market. The Swiss government continues to pursue discussions with U.S. officials in hopes of securing a more favorable trade agreement.

Retail trade Slight decline in watch exports in September - renewed slump in the US

As the Swiss watch industry grapples with the fallout from the U.S. tariffs, the future remains uncertain. The ongoing negotiations between Switzerland and the U.S. may determine the trajectory of Swiss watch exports in the coming months. If the current tariff structure persists, the industry may face further challenges in regaining its foothold in the U.S. market.

CityLab