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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Swiss watch exports to the United States fell 56% year over year in September 2025. That figure measures watches shipped from Switzerland for export—not U.S. consumers’ retail purchases—and it was much sharper than the decline in Swiss watch exports overall.
What the September 2025 figures show
Bloomberg, in an account republished by SWI swissinfo.ch on October 21, 2025, reported that Swiss watch exports to the U.S. dropped 56% compared with September 2024. Across all destinations, Swiss watch exports fell 3.1% year over year to about CHF 2 billion. The Federation of the Swiss Watch Industry (FH) said that, excluding the U.S. market, exports would have grown 7.8% that month. Read the September account at SWI swissinfo.ch.
| Measure | September 2025 result | What it describes |
|---|---|---|
| Exports to the United States | Down 56% year over year | Swiss watch exports destined for the U.S. |
| Total Swiss watch exports | Down 3.1% year over year, to about CHF 2 billion | Exports to all destinations |
| Exports excluding the U.S. | Up 7.8% year over year | Reported counterfactual for all destinations other than the U.S. |
The 7.8% figure is not a second measure of U.S. exports. It describes what happened across other destinations, according to the September report’s account of FH’s statement.
Did Swiss watch sales in the U.S. fall 56%?
No such conclusion follows from the export figure. It records export shipments, not completed sales by U.S. retailers to consumers. FH explains that its export statistics are based on export figures rather than end-consumer sales, and that customs data can later be revised or adjusted. FH’s statistics overview describes the data and this limitation.
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Shipments and retail sales can move differently. Watches may enter or leave distributor and retailer inventories before reaching buyers, and timing can shift around anticipated policy changes. The September percentage should therefore be read as a change in Swiss exports to the U.S., not as a measure of how many fewer watches Americans bought.
Why was the decline so sharp?
The September account connected the U.S. decline to a reported 39% tariff context. It also described a surge in shipments in July, as producers rushed inventory ahead of the expected tariff, and said the U.S. contraction outweighed gains in most other markets. These details offer context for the monthly movement, but the export figures alone do not establish how much of the decline the tariff caused or separate tariff effects from shipment timing and other factors.
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The available account does not verify the tariff instrument, the watches or products it covered, or its effective dates against a primary U.S. government notice. The 39% figure should be treated as context cited in that report, not as a complete description of tariff rules.
How September compares with later export data
A sharp monthly fall does not determine the result for a full year. FH’s 2025 annual report, published January 29, 2026, said Swiss watch exports to the U.S. were down 0.5% year over year for calendar 2025; the U.S. accounted for 17% of Swiss watch exports that year. The annual change covers a different period from September’s 56% decline. See FH’s 2025 export report.
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FH subsequently reported that exports to the U.S. fell 14.8% year over year in the first half of 2026, against a high comparison base. The Federation highlighted an increase in April 2025 following additional tariff announcements, a reminder that the comparison period included an unusually strong month. See FH’s first-half 2026 report.
These figures show why destination and time period matter: September 2025’s monthly U.S.-bound export decline was far steeper than either the full-year 2025 U.S. decline or the first-half 2026 comparison. None of them is a direct measure of U.S. retail sales.
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What the export data can—and cannot—establish
- It establishes: the reported year-over-year change in Swiss watch exports by destination and period.
- It does not establish: the change in U.S. consumer purchases, the exact number of watches sold at retail, or a definitive causal breakdown of the September decline.
- It can change: FH notes that customs-based figures may be revised or adjusted after publication.
Vontobel analyst Jean-Philippe Bertschy described the outlook in the October 21, 2025 Bloomberg account: “Trading conditions remain difficult, albeit against easier comparatives heading into 2026.”
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