Watch exports hold steady, but watch the United States. China recovers.

Swiss watch exports fell in June but remained largely stable in the first six months of 2025. Swiss watch exports in June amounted to 2.15 billion francs (2.3 billion euros), 5.6% less than in the same month of 2024. In the first half of 2025, exports amounted to 12.91 billion francs (13.8 billion euros), 0.1% less than in the same period last year.

After a strong performance in April, the United States, the number one market, saw a sharp decline in June, as it had already seen in May. April had been affected by the tariff announcement, which caused overseas operators to rush to stockpile supplies. This effect then faded, as was evident in the May and June figures. China rebounded in June after several declines, while Japan and Hong Kong contracted. Singapore, Germany, and the United Arab Emirates posted positive growth, while Italy limited its decline.

This is the picture of the top ten markets in June: United States 310 million francs (-17%), China 172 million (+6%), United Kingdom 155.9 million (-0.1%), Japan 155.6 million (-11%), Hong Kong 147 million (-10%), Singapore 144 million (+2%), Germany 125 million (+5%), France 122 million (-6%), Italy 110 million (-1%), and United Arab Emirates 100 million (+2%). During the month, it was mid- to high-end watches, and not high-end ones as often happens, that led the way.

Exports of high-end timepieces, priced above 3,000 francs, recorded a 9% decrease in value; the medium-high range, priced between 500 and 3,000 francs, recorded a 16% decrease; the medium range, priced between 200 and 500 francs, recorded a 24% decrease; and the basic range, priced under 200 francs, recorded a 10% decrease.

The picture for the first six months, again regarding the top ten markets, is quite different from that of June alone. The United States remains largely positive, and Italy also shows a slight increase. The other major markets are negative. These are the figures for the first half: United States 2.5 billion francs (+20%), Japan 931 million (-3%), China 893 million (-18%), Hong Kong 877 million (-13%), United Kingdom 823 million (-0.5%), Singapore 807 million (-3%), Germany 646 million (-0.8%), France 632 million (-6%), United Arab Emirates 621 million (-1%), and Italy 521 million (+0.8%).