Swiss watch exports to the United States fell 56% year over year in September 2025, according to figures reported by Bloomberg and republished by SWI swissinfo.ch. That was a sharp drop in shipments to one destination—not evidence that U.S. consumers bought 56% fewer Swiss watches. Across all destinations, Swiss watch exports fell 3.1% to about CHF 2 billion that month.
What the September figures show
The September 2025 change was unusually severe for the U.S. market, but it sat within a smaller decline in total Swiss watch exports. The Federation of the Swiss Watch Industry (FH), as reported in the September account, put exports excluding the United States up 7.8% year over year.
| Measure | September 2025 year-over-year change | What it describes |
|---|---|---|
| Swiss watch exports to the United States | Down 56% (Bloomberg, reported by SWI swissinfo.ch) | Export shipments destined for the U.S. |
| Total Swiss watch exports | Down 3.1%, to about CHF 2 billion (Bloomberg, reported by SWI swissinfo.ch) | Exports to all destinations |
| Swiss watch exports excluding the United States | Up 7.8% (FH figure reported by Bloomberg through SWI swissinfo.ch) | Exports to destinations other than the U.S. |
The contrast shows how heavily the U.S. decline weighed on the monthly total: the reported figure for exports to other markets was positive. It does not show the U.S. export value, which the September account does not state.
Why did exports to the U.S. drop 56%?
The October 21, 2025 account linked the decline to the tariff environment, citing a 39% U.S. tariff as context. It also described a surge in July shipments as producers moved inventory ahead of an expected tariff. Those details offer a possible explanation for both reduced shipments in September and a shift in timing; the monthly export figures alone do not establish how much of the drop the tariff caused.
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The 39% figure is the tariff context cited in that report, not an independently verified description here of the applicable government measure, product coverage, or effective dates. The reported shipment surge also means a month-to-month or year-over-year export change can reflect when goods cross the border, not just underlying consumer demand.
Exports are not U.S. retail sales
Export statistics measure goods leaving Switzerland for a destination. They are not a count of watches purchased by consumers in the United States, and they do not establish how many watches retailers sold from existing inventory. FH explains that its export statistics are based on export figures rather than sales to end consumers, and that customs data may later be revised or adjusted: FH statistics overview.
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So the careful reading is that Swiss watch shipments bound for the U.S. were down 56% year over year in September 2025. The figure does not mean U.S. watch sales fell by 56%.
September was not the full-year result
FH’s subsequent annual report gives a broader view. For calendar 2025, Swiss watch exports to the United States were down 0.5% year over year, and the U.S. accounted for 17% of Swiss watch exports. The annual decline is not directly comparable to September’s 56% drop: one is a full-year change, the other a single month’s change.
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In its first-half 2026 report, FH said exports to the United States were down 14.8% year over year against a high comparison base. It also highlighted an increase in April 2025 following additional tariff announcements, a reminder that the comparison period included an unusually strong month. These later figures provide context, not a revision of the September number.
- FH: Swiss watch exports in 2025, January 29, 2026
- FH: Swiss watch exports in the first half of 2026, July 21, 2026
What the figures mean for the watch industry
The U.S. is a significant destination, accounting for 17% of Swiss watch exports in 2025, so a large monthly fall there can pull down the industry-wide result even while other destinations grow. The September account also quoted Vontobel analyst Jean-Philippe Bertschy: “Trading conditions remain difficult, albeit against easier comparatives heading into 2026.” That observation points to the importance of the comparison base when interpreting later changes; it does not turn export data into a measure of retail demand.
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The September figures were reported by Bloomberg in an account republished by SWI swissinfo.ch on October 21, 2025: Swiss Watch Exports Slump in September on US Tariffs. The later annual and half-year statistics from FH show why one dramatic month should not stand in for a full-year or multi-year trend.
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