Watch exports down again in 2025 - China remains a problem child

In total, Swiss manufacturers exported watches worth 25.6 billion Swiss francs, as reported by the Federal Office for Customs and Border Security (FOCBS) and the Federation of the Swiss Watch Industry (FH) on Thursday. The export volume thus decreased by 1.7 percent compared to the previous year. Following the record year of 2023, there had already been a decline of 2.8% in 2024, which has now slowed somewhat.

"The 2025 financial year for the Swiss watch industry was characterized by great uncertainty and more challenging market conditions," according to the watch industry association's press release. Exports to China have fallen by more than a third within two years. At the same time, the price of gold and the Swiss franc reached record levels, which led to noticeably higher costs for Swiss watches.

Meanwhile, the end of the year saw a counter-trend: in December, Swiss watch exports increased by 3.3% to CHF 2.10 billion compared to the same month last year. While exports to China (-6.8%) and Hong Kong (-8.0%) continued to decline in the month, more watches were exported to the USA (+19.2%), which is now the most important market.

According to the association, the new year 2026 is likely to be stable at best in an environment that continues to be characterized by great uncertainty. Customs concerns with regard to the USA have not been dispelled. And the Chinese market is not expected to recover quickly.