Swiss watch exports faced yet another decline in January, a continuation of a trend that seemed momentarily broken just the month prior.
The most recent figures show an alarming fall of 3.6 percent compared to the same period last year, with exports totaling 1.9 billion Swiss francs ($2.5 billion), according to the Federation of the Swiss Watch Industry. The drop was predominantly driven by the most luxurious models crafted from precious metals.
This downturn is particularly disheartening for an industry that experienced significant turmoil last year due to punitive tariffs imposed by former US President Donald Trump. While the easing of these tariffs in November offered a short-lived respite, the latest data indicates a drastic 14 percent reduction in exports to the United States, which remains the industry’s largest market.
Specifically, watches exceeding 3,000 francs experienced an 8.1 percent decrease in value. Notably, there was a sharp 14 percent drop in the exports of precious metal watches, although a 16 percent rise in bimetallic watches provided a glimmer of hope.
On a brighter note, the markets in China and Hong Kong showed positive growth, with respective increases of 5 percent and 2.6 percent. This uptick closely aligns with the preparations for the Lunar New Year—a period characterized by family gatherings and the exchange of gifts, prompting brands to increase their inventory.
Additionally, exports to France saw an impressive surge of 37 percent. However, markets in Singapore and the UK faced challenges during this same period, reflecting varied regional performances.
