Overview

• Swiss watch exports rose 6.9% in July to nearly 2.4 billion Swiss francs, the industry federation reported.
• Shipments to the U.S. jumped 45% and took a 23% share, but without the U.S. boost overall exports would have fallen 0.9%, underscoring weak underlying demand.
• Key Asian markets softened, with exports to Japan down about 10% and China down 6.5%, while Hong Kong and Singapore posted modest gains.
• The 39% U.S. tariff on Swiss watches came into effect in early August, and the Swiss government has made a new offer as it seeks to lower the rate.
• Higher‑priced watches outperformed in July, with exports above 3,000 francs up 9.4%, as UBS warned the tariff could trim Swiss GDP growth by up to 0.4 percentage points over four quarters if it persists.