Swiss watch exports to US plummet in April after pre-tariff rush

Swatch groupAG

02/06/2026 08:32

ZURICH, June 2 (Reuters) - Swiss watch exports to the United States plummeted by more than half in April after a spike last year, when watchmakers rushed to move their products to the country ahead of the onset of President Donald Trump's tariffs. 
Swiss watch exports overall declined by 16.6% in April compared to the same month last year, with the U.S. marking the biggest drop at 56.4%.
"The U.S. remains difficult to read because tariff and inventory effects are still creating a seesaw pattern that should continue through the year," Vontobel analyst Jean-Philippe Bertschy wrote in a note.
Exports to France meanwhile continued their upward trend with an increase of 46.3% due to rerouting in Europe, not reflecting demand.
While almost all categories of materials dropped overall, watches made from precious metals fell the most, by 24.3%, followed by steel models, by 18.1%, in terms of value.
     
     

 (Reporting by Marleen Kaesebier in Zurich, additional reporting by Alessandro Parodi, Editing by Friederike Heine)
 ((marleen.kaesebier@thomsonreuters.com;))