PARIS — After the high comes the — relative — low.
Exports of Swiss-made watches slumped by 16.6 percent to 2.1 billion Swiss francs in April, according to figures published Tuesday by the Federation of the Swiss Watch Industry.
The slump reflected that U.S.-bound shipments fell 56.4 percent compared to last April, which had seen exports skyrocket as watchmakers sought to anticipate the effects of the tariffs announced by U.S. President Donald Trump.
Despite this unfavorable comparison, the industry body pointed out that exports of Swiss watches to the American market had grown 8.9 percent against April 2024.
The number of units also shrank 10 percent in the month, with 129,000 less timepieces being exported. Since the beginning of the year, exports have shrunk a cumulated 3.9 percent against 2024’s figures.
Other major destinations, which have seen their order in the top-six markets by size shuffle rapidly in recent months, painted a mixed picture. France continued its strong growth streak, with a 46.3 percent increase although the federation noted it “does not reflect the real trend in the market.”
Taking third place, Singapore leaped 17.3 percent, while China and Hong Kong also saw increases in the teens.
Meanwhile, Japan contracted 12.1 percent while the U.K., Germany and the United Arab Emirates also slid back respectively 9.7 percent, 6.4 percent and 9.5 percent.
By materials, only the “other metals” category saw growth in April, rising 10 percent in value and 3.5 percent in volume. Meanwhile, the dominant steel category contracted in volume and value, 18.1 percent and 10.6 percent respectively. Precious metal timepieces saw the biggest slump, contracting by around a quarter in both metrics.
Save for watches priced between 200 and 500 Swiss francs at export price, other categories decreased, with high-end timepieces recording the largest slump at 21.3 percent and 19 percent in units and value respectively.