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AFP Translated by
Cassidy STEPHENS Published
October 19, 2025
Swiss watch exports climbed again in September, but at a slower rate than in August, held back by the United States and China, its two biggest markets.
In September, exports of Swiss watches totalled 2.3 billion Swiss francs (2.4 billion euros), up by 3.8% year-on-year, compared to a 4% rebound in August, according to the watchmaking federation's figures published on Thursday.
After two years of record growth, the basis of comparison was unfavourable, the watchmaking federation pointed out, but "this development confirms the expected normalisation of growth", it said in the press release.
After a sharp fall in 2025 with the shock of the pandemic, Swiss watchmaking made a spectacular comeback in 2025 and 2025, breaking record after record.
Exports had reached an all-time high of 22.3 billion francs in 2025 thanks to the recovery in the United States, before beating this record in 2025 to reach a new peak of 24.8 billion francs when the recovery spread to Europe with the return of tourists shopping for luxury goods there.
Since January, however, they have continued to climb despite a more hesitant trend, still up by 8.6% over the first nine months of the year.
In September, watch exports showed contrasting trends from one country to another.
Over the past month, they fell by 6.4% to the United States and by 5.5% to China, where they declined for the third month in a row at a time when growth is not as strong as Swiss watchmakers had hoped since the end of the zero-Covid policy.
In other Asian countries, Swiss watch exports showed a mixed pattern, climbing by 24% to Hong Kong, 8.7% to Japan and 36.4% to Taiwan, but falling by 2.7% to Singapore and 15.4% to South Korea.
In Europe, they rose by 3% to the UK, 15.9% to France and 24.5% to Italy, but contracted by 4.2% to Germany.