US Base Effect Dents Swiss Watch Exports
June 08, 26
(IDEX Online) - Swiss watch exports declined sharply during April, largely due to the base effect of a year-on-year comparison with the pre-tariff rush in the US.
Overall foreign sales were down 16.6% to CHF 2.1 billion (USD 2.4 billion), according to the Federation of the Swiss Watch Industry (FHS) and exports to the US were down 56.4%.
"The decrease, due to an unfavourable base effect following the sharp rise in exports seen last year in response to the announcement of an increase in US tariffs, had a strongly negative impact on the overall result, said the FHS.
"Over the longer term, however, the US market has grown by 8.9% compared with April 2024."
In April 2025, there was an unprecedented surge, with exports to the US up149% in the rush to buy before Trump's tariffs were implemented.
Growth during April 2026 was strongest in France (+46.3%), though this surge does not reflect an increase in domestic consumption. France is being used as a transit hub, from which goods can move tariff-free to Italy, Spain, Germany, and other EU countries.
Singapore (+17.3%), China (+17.1%) and Hong Kong (+13.5%), all benefited from a positive base effect. Japan (-12.1%), the United Kingdom (-9.7%), Germany (-6.4%) and the United Arab Emirates (-9.5%) all recorded significant falls.