Swiss Watch Exports to US Plunge 56% in September Amid Tariff Impact

Swiss watch exports to the United States sharply declined by over 55% in September 2025 due to the 39% tariffs imposed by President Donald Trump, marking the second consecutive monthly drop and deeply impacting the industry despite growth in other markets like the UK, China, and Hong Kong. This steep fall in U.S. demand, a critical market for Swiss watchmakers, dragged overall Swiss watch exports down by 3.1% year-over-year for September, reversing earlier gains made before the tariffs took effect. While exports to other countries increased, the U.S. market downturn prevented overall industry growth and shifted the U.S. from being the largest market to the third position behind the UK and Japan. The tariffs have had a broader economic effect, contributing to a 3.9% drop in Swiss exports in the third quarter, with the watch sector particularly hard hit. Analysts note that excluding the U.S. market, Swiss watch exports actually grew 7.8% in September, highlighting the tariffs' specific impact on this sector. Despite these challenges, Swiss watchmakers and the broader Swiss export economy show resilience in other international markets, although ongoing geopolitical and economic uncertainties continue to cloud the outlook.