US Tariff Rush Masks Decline in Swiss Watch Exports
June 03, 25
(IDEX Online) - Exports of Swiss watches surged in April, but only because US importers were rushing to beat tariff deadlines.
Foreign sales were up 18.2 per cent overall during the month, and up by an unprecedented 149.2 per cent in the US.
But the Federation of the Swiss Watch Industry Exports (FHS) acknowledged that without the tariffs blip - "an exceptional increase in exports to the United States" - the decline in sales would have continued.
"The sharp rise in exports is therefore more a reflection of a one-off response to an uncertain commercial situation than a genuine sign of a structural strengthening of demand," it said in its monthly update.
"Without the United States, the monthly result would have been a decline of 6.4%, again penalised by China and Hong Kong."
Exports in April were down 30.5 per cent to China and down 22.8 per cent to Hong Kong.
Only two of the big six markets (aside from the US) saw increased sales - Japan (+1.9 per cent) and UK (+1.6 per cent).