Swiss watch exports slump in September on US tariffs

[ZURICH] Swiss watch exports fell in September, hurt by the Trump administration’s 39 per cent tariff on imports from Switzerland to the US, the industry’s largest market.

Watch exports fell 3.1 per cent from a year earlier to two billion Swiss francs (S$3.2 billion), the Federation of the Swiss Watch Industry said on Tuesday (Oct 21). Increases in most markets last month were eclipsed by a 56 per cent plunge in exports to the US.

That marks the second straight monthly drop in watch exports, after shipments surged in July as producers rushed to build up inventory ahead of the anticipated US tariff.

Richemont and Swatch Group, as well as independent watchmakers including Audemars Piguet, Patek Philippe and Rolex, have been affected by the US levy, the highest in the developed world.

Swatch shares fell as much as 2.4 per cent in early trading in Zurich, while Richemont was little changed.

“Trading conditions remain difficult, albeit against easier comparatives heading into 2026,” said Vontobel analyst Jean-Philippe Bertschy.

Leaving aside the US, Swiss watch exports would have grown by 7.8 per cent last month, according to the statement.

Steel watches led the decline, with a decrease in value of 3.8 per cent. Timepieces sold for more than 3,000 francs fell, alongside those sold for less than 500 francs. Mid-priced watches saw a 4.2 per cent increase in exports in September.

Overall, Switzerland’s exports to the US rebounded in September, suggesting demand for its goods is so far withstanding the impact of US President Donald Trump’s tariffs.

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The Swiss government continues to pursue talks with Washington to secure a lower tariff, though its prospects of success are shrouded in doubt. While Commerce Secretary Howard Lutnick said last month that the US will “probably get a deal done with Switzerland”, there’s been little hint of progress since. BLOOMBERG