Swiss Watch Exports Rise 9.6%, Led by US Surge

(IDEX Online) - Swiss watch exports increased by 9.6% in July to CHF 2.6 billion (USD 3.3 billion), driven by a 26.5% surge in shipments to the United States as exporters and retailers brought forward deliveries ahead of a new tariff regime.

The US introduced tariffs of up to 12.5% on Swiss imports on July 24, replacing a temporary 10% surcharge that had been in effect since February. The timing may have encouraged companies to accelerate shipments before the new duties took effect.

The overall increase came despite continued weakness across parts of Asia, including the Greater China region, according to the Federation of the Swiss Watch Industry (FHS). The US performance helped offset softer demand in several Asian markets and other destinations.

Exports to Japan fell 3.7% to CHF 162.9 million (USD 207.3 million), while shipments to the UK rose 9.5% to CHF 161.2 million (USD 205.3 million).

Hong Kong and Singapore also recorded modest increases, with exports up 0.5% to CHF 153.7 million (USD 195.7 million) and 2.3% to CHF 150.2 million (USD 191.3 million), respectively.

France recorded a 104.6% increase to CHF 234.4 million (USD 298.4 million), primarily because it is being used as a logistics and transit hub.

Watches shipped through France can subsequently move tariff-free to Italy, Spain, Germany and other European Union markets, meaning the increase does not reflect a comparable rise in French domestic demand.