Swiss watch exports in November 2025: The US market is collapsing massively.
November was clearly still under the assumption of a 39 percent tariff on Swiss exports to the USA. The announcement of the retroactive reduction to 15 percent Although the positive trend was announced in mid-November, it was not enough to reverse the downward trend in Swiss watch exports. The value of Swiss watch exports is down 52.3 percent compared to the same month last year.
„"The decline in Swiss watch exports worsened further in November," writes the Federation of the Swiss Watch Industry FH in its monthly publication of the latest export figures.
Overall, the Swiss watch industry exported 1.3 million watches worldwide last month, with an export value of CHF 2.2 billion, compared to November 2024. This represents a decrease of 2.2 percent in volume and 7.3 percent in value.
This brings the total annual result for Swiss exports to a decrease of 2.2 percent in value.
Swiss watch exports decline in all categories
All material categories experienced declines in both volume and value. The slump in watches made of precious metals (-4.9 %) and steel (-9.3 %) had a particularly strong impact on the overall value of exports. The volume decrease of 157,000 watches was mainly attributable to the weak performance of steel watches (-5.5 %), watches in the "Other Materials" category (-19.6 %), and bimetallic models (-21.7 %).
With the exception of watches with an export price between 200 and 500 CHF, which achieved growth of 6.8 percent, all other segments recorded a significant decline of 7.8 percent (in value).
Exports to the USA plummet by over 50 percent
The US again weighed heavily on the overall result with a decline of 52.3 percent. The UK returned to growth (+7.9% %), while Hong Kong (+3.1% %) continued the recovery that began in September. Japan, however, remained in a downward trend (-4.1% %). Singapore achieved growth of 4.9% %, while China recorded a slight decline (-3.2% %).
Exports to Germany also declined significantly in November 2025 compared to the same period of the previous year (-8.1 %), while Europe remained stable with a decrease of 0.1 percent.
Structural crisis
Oliver R. Müller, industry expert and founder of LuxeConsult, commented on his LinkedIn account: „The Swiss watch industry is not only going through a cyclical crisis, but is suffering from a cornucopia of negative factors, including structural problems. Those who have a strong brand, clearly recognizable icons, and a coherent pricing strategy will continue to move forward. The others will have to decide: adapt quickly or continue to declare that ‚the recovery is coming.‘“
