Swiss watch exports in October limited their overall impact, but were undeniably negatively impacted by American import duties. Good performance in some Asian and European markets could not fully offset the decline in exports to the United States that occurred after August and September.
Swiss watch exports in the month amounted to 2.24 billion francs (2.41 billion euros), 4.4% lower than a year earlier. During the first ten months of the year, exports totaled 21.18 billion francs (22.79 billion euros), with a limited decline of 1.6% compared to the same period last year.
Looking at the top ten markets, we can see how in October the United States, the first market, stopped at 224 million francs (-46%) and how at the same time China bounced back to 188 million (+12%). Followed by Japan with 180 million (-5%), Hong Kong with 165 million (+2%), Singapore with 153 million (+6%), United Kingdom with 152 million (-7%), United Arab Emirates with 135 million (+39%), France with 118 million (+10%), Germany with 113 million (+3%). Positive signs for Italy, which is in tenth place, with 97 million (+4%).
Regarding the type of export product, in October the driving force was not high range products, but medium-high range products. The high range, with prices above 3 thousand francs, recorded a value of -7% in the month; the mid-high range, with prices between 500 and 3 thousand francs, reached +9%. Substantial stability for the mid-range, with prices between 200 and 500 francs, has -0.9%; the basic range is in positive territory, with prices below 200 francs, recorded +8%.
A photo of the top ten markets of the first ten months of 2025 paints a very different picture than October alone. Only three major markets showed positive signs, although limited: the United States (which benefited from stock securities created before import duties), the United Arab Emirates, and Italy. Here are the top ten trends: United States 3.7 billion francs (+3%), Japan 1.54 billion (-6%), China 1.51 billion (-13%), Hong Kong 1.46 billion (-7%), United Kingdom 1.40 billion (-1%), Singapore 1.3 billion (-0.8%), France 1.05 billion (-3%), United Arab Emirates 1.04 billion (+2%), Germany 1.03 billion (-5%), Italy 872 million (+0.2%).
