The Federation of the Swiss Watch Industry FH’s 26.7 billion Swiss franc export record was set in 2023, not in the latest reporting year. The FH subsequently reported exports of 26.0 billion francs in 2024 and 25.6 billion francs in 2025. These are industry export figures—not the value of watches sold to consumers.
What the 26.7 billion franc record measures
In its release of January 30, 2024, the FH said total Swiss watchmaking exports rose 7.6% from 2022 to 26.7 billion francs, a record at the time. Wristwatches made up 25.5 billion francs of that total, with 16.9 million wristwatches exported, up 7.2%. The 26.7 billion figure covers total watchmaking exports; it is not the wristwatch-only figure. FH’s 2023 annual release
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The FH’s statistics use export prices based on exporters’ declarations. They track goods exported by Swiss watchmaking firms, not retail transactions or the final price paid by a consumer. As a result, the totals do not show how much customers spent in shops, nor do they establish the performance of any single brand. FH statistics and methodology
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How exports changed after the 2023 record
| Year | Total exports | Annual change | Wristwatch exports | Wristwatch volume |
|---|---|---|---|---|
| 2023 | 26.7 billion francs | +7.6% from 2022 | 25.5 billion francs | 16.9 million, up 7.2% |
| 2024 | 26.0 billion francs | -2.8% from 2023 | not stated in the cited annual release | not stated in the cited annual release |
| 2025 | 25.6 billion francs | -1.7% from 2024 | 24.4 billion francs, down 1.7% | 14.6 million, down 4.8% |
Figures are the FH’s annual export statistics. The 2023 figures are from the 2023 release; 2024 from the 2024 release; and 2025 from the 2025 release.
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The two declines put the 2025 total below the 2023 record. In 2025, wristwatch export volume fell faster than wristwatch export value: volume was down 4.8% while value declined 1.7%. Those aggregate figures describe the overall export mix and do not reveal the results of individual companies.
Which markets shaped the 2025 result?
The FH reported that the United States accounted for 17% of Swiss watch exports in 2025 and ended the year down 0.5% from 2024. China declined 12.1% and Hong Kong 6.5%; Asia overall was down 3.8%. Europe fell 0.3%, while the Americas grew 0.3%. These are year-over-year destination-market comparisons reported by the FH, not measures of retail sales in those markets. FH’s 2025 annual release
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The FH attributed the difficult 2025 environment to significant uncertainty, demanding market conditions, US trade policy and continuing weakness in China and Hong Kong. That is the Federation’s assessment of the context; the export totals alone do not isolate the effect of any one factor.
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How to read the figures
- Exports are not consumer spending. Export value is recorded at prices declared by exporters, rather than at retail prices paid by customers.
- Total exports and wristwatch exports are different measures. In 2023, wristwatches accounted for 25.5 billion francs within the 26.7 billion franc total.
- An industry total is not a brand report. The FH’s consolidated statistics cover the sector and cannot establish how a particular manufacturer performed. The Federation also cautioned in its 2024 release that aggregate export statistics cannot directly reveal subcontracting trends.
- Figures may be revised. The FH says customs data can change and that its most recent publication takes precedence. Its statistics are produced by an industry association representing around 500 members, or more than 90% of Swiss firms active in producing and selling watches, clocks and components. FH statistics and methodology About the FH
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