Swiss watch exports return to growth after US eases tariffs
Exports have gained 3.3% in December from a year before, reaching 2.1 billion Swiss francs
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[ZURICH] Swiss watch exports returned to growth after four months of declines, as brands rushed to send their inventory to the US after it eased tariffs.
Exports gained 3.3 per cent in December from a year before, reaching 2.1 billion Swiss francs (S$3.5 billion), the Federation of the Swiss Watch Industry said on Thursday (Jan 29).
The recovery brought the total annual watch exports to 25.6 billion francs, a fall of 1.7 per cent from 2024.
The manufacturers of watches, machines and precision instruments were among the sectors hit hardest by the 39 per cent US tariff on Switzerland, the highest rate among any developed country, until it was reduced retroactively from November.
Still, the current 15 per cent import levy is higher than the 2 per cent faced by companies before US President Donald Trump’s trade measures. Some industry leaders are hopeful for a further reduction.
The value of timepieces sent to the US, the industry’s biggest market, grew strongly, up 19.1 per cent in December, following the tariff cut. The exports of gold and steel watches dominated in terms of materials, with demand holding up despite the raw materials’ soaring prices.
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France also recorded strong gains with its exports up by more than 50 per cent, while China and Hong Kong were still in negative territory.
The exports in watches priced between 200 and 500 francs had particularly strong growth, the watch federation said. BLOOMBERG
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