US Imports of Swiss Watches Down 52% in November

(IDEX Online) - Exports of Swiss watches to the US more than halved in November, and fell by more than 7 per cent globally, according to the latest figures from the Federation of the Swiss Watch Industry (FHS).

The slump in US sales, down by 52 per cent year-on-year, is a direct response to the 39 per cent tariff imposed on imports, as of August.

The US agreed in mid-November to cut that tariff to 15 per cent as part of a trade deal with Switzerland, bringing it line with the 27 EU nations, but it was too late to impact November's trade figures.

Exports surged ahead of the introduction of tariffs - as manufacturers frontloaded shipments - only to plunge after they were introduced. Overall, foreign sales were down by 4.4 per cent in October.

The FHS said the contraction in November meant that the cumulative decline in sale for the year so far was -2.2 per cent.

The US remains the biggest buyer of Swiss watches, but only just. In November it had an 8.9 per cent market share, compared with the UK on 8.1 per cent and Hong Kong on 7.9 per cent. Total exports for the month were CHF 2.2bn (USD 2.79bn).

China, which has seen many double-digit monthly declines since Covid, dropped by a modest 3.2 per cent during the month.