Swiss watch exports fall in September amid U.S. tariffs

Swiss watch exports declined in September as the Trump administration’s 39% tariff on imports from Switzerland weighed heavily on the industry’s largest market. Shipments to the United States plunged more than 55%, erasing gains in other regions despite resilient demand elsewhere.

According to the Federation of the Swiss Watch Industry, exports fell 3.1% from a year earlier to 1.99 billion Swiss francs ($2.5 billion). Excluding the U.S., exports would have grown by 7.8%. Steel watches led the decline, with export values down 3.8%. Sales of timepieces priced above 3,000 francs and below 500 francs dropped, while mid-priced models rose 4.2%.

Major manufacturers such as Swatch Group, Richemont, and independent brands including Rolex, Patek Philippe and Audemars Piguet were hit by the new U.S. duties – among the highest in the developed world. Swatch shares slipped nearly 2% in Zurich trading, while Richemont was little changed. Analysts noted that trading conditions “remain difficult,” though comparisons will ease heading into 2026.

While the watch sector struggles, Switzerland’s overall exports to the U.S. increased in September, boosted by higher shipments of pharmaceuticals and chemicals. The figures suggest that demand for Swiss goods remains broadly resilient, even as watchmakers face tariff-related headwinds and rising logistics costs.

The Swiss government continues talks with Washington to secure lower tariffs, though progress appears limited. U.S. Commerce Secretary Howard Lutnick recently said the two sides would “probably get a deal done,” but there has been little sign of movement since. In the meantime, Swiss brands are expanding in Asian and Middle Eastern markets to reduce their dependence on American sales.