Overview
- Exports totaled 2.2 billion Swiss francs in November, marking a fourth consecutive monthly decline, according to the Federation of the Swiss Watch Industry.
- Shipments to the U.S., the largest market, fell about 52%, reducing its share to 8.9% as brands held back consignments awaiting tariff clarity.
- Companies learned in December that the 15% rate agreed on Nov. 14 would be backdated, and analysts expect shipments to recover in the coming months.
- Weakness was broad-based across nearly all price bands and every material, with precious-metal watches down 4.9% and steel models down 9.3% in November.
- Regional trends diverged: the U.K., Hong Kong, and Singapore recorded gains, China contracted 3.2% and slipped to sixth for the month, Japan declined, and year-to-date exports are down 2.2%.