Swiss Watch Exports to U.S. Drop by More Than Half

By Rob Bates | October 21, 2025

Swiss watch exports to the United States plunged 56% on a year-to-year basis in September—a clear response to the Trump administration’s 39% tariff.

The massive drop was “expected but nonetheless extraordinary,” said the Federation of the Swiss Watch Industry (FH), which compiles the monthly statistics. Without the U.S. decline, Swiss watch exports would have grown by 7.8% worldwide, the group said.

The United Kingdom was the world’s leading destination for Swiss watches in September, with an 8.7% share in the market (and 15.2% increase over the previous year). Japan came in second place for market share, and the United States was third, followed by Hong Kong.

This was the second consecutive month when Swiss watch exports to the United States fell dramatically. They dropped 23.9% in August, after rising 45% in July—as watchmakers increased shipments to get ahead of the 39% levy, which took effect Aug. 7.

(Photo: Getty Images)