Swiss Watch Exports Surge Despite Tariff Turbulence

Swiss exports experienced volatility in April due to new and threatened U.S. tariffs, with total exports falling 9.2% and pharmaceutical exports dropping 43.9%. Despite these declines, Switzerland recorded its second-highest export total ever, fueled by a record surge in watch exports. Swiss watch exports rose 18% year-on-year, with shipments to the U.S. jumping 149% as companies rushed to beat impending tariffs, though excluding this surge, watch exports would have fallen 6.4%. The spike in watch exports is attributed to companies frontloading shipments ahead of the 31% U.S. tariffs, not to sustained demand. Industry experts expect this effect to reverse in coming months as demand in China and Hong Kong remains weak. Meanwhile, total Swiss exports to the U.S. dropped 36% from March, underlining broader negative impacts from U.S. trade policy.