Swiss watch exports to the United States surged sharply in April as brands rushed to beat President Trump’s looming tariffs on Swiss imports. According to the Federation of the Swiss Watch Industry, 1.3 million watches left Switzerland in April, totaling $3 billion (2.5 billion Swiss francs). This marked an 18 percent increase from the same month last year, Bloomberg reported.
The U.S. market was the main driver of this growth, accounting for 33 percent of Swiss watch exports. Shipments to the U.S. jumped 149 percent compared to April 2024, reaching $851.9 million. This figure represents about one-fifth of the total Swiss watch exports to America for the entire year. The biggest gains came from watches made with precious metals, steel, and bimetallic materials.
Jean-Philippe Bertschy, an analyst at investment firm Vontobel, told Bloomberg the spike was caused by early shipments ahead of the announced tariffs, rather than a rise in actual demand. In April, President Trump imposed a 10 percent tariff on Swiss imports. He has also threatened to increase the levy by an additional 31 percent if a trade deal is not reached by July 9. However, Bloomberg reports this deadline might be postponed.
Outside the U.S., Swiss watch exports fell 6.4 percent worldwide in April. Asian markets struggled, with China’s exports dropping 30 percent. Singapore and Hong Kong saw declines of 9 percent and 23 percent respectively. The U.K., Japan, and France recorded only modest single-digit growth, according to WWD.
The tariffs could also impact other luxury goods, including Swiss-made cars and American wine. However, cars over 25 years old will be exempt from the tariffs. The wine industry could face challenges in a trade conflict, which might boost demand on the secondary market.
For now, the Swiss watch industry is closely watching how these tariffs will affect the market in the coming months.