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報告分析
Swiss Watch Industry Federation (FH) – April 2025 Export-Market Dynamics Analysis
Jun
April Watch-Market Review
(Click here for March analysis)
- Swiss watch exports in April 2025 rose 18.2 % to CHF 2.549 billion.
- The jump was driven chiefly by an exceptional surge in the United States (+149.2 %), where brands front-loaded shipments ahead of a rise in U.S. import duties.
- January–April 2025 cumulative result: exports up 4.0 %, indicating a broadly positive underlying trend.
- U.S. impact: The strength is one-off (advance shipping) rather than structural. Ex-U.S., April exports would have fallen 6.4 %, underscoring ongoing weakness elsewhere, particularly in China and Hong Kong.
Product Categories
| Category | Units | % YoY | Value (CHF) | % YoY |
|---|---|---|---|---|
| Wristwatches | 1.30 million | +6.4 % | 2.453 billion | +19.5 % |
| Other products | – | – | 96 million | +6.3 % |
| Total | – | – | 2.549 billion | +18.2 % |
Wristwatches by Case Material
| Material | Value YoY | Units YoY | Notes |
|---|---|---|---|
| Precious metal | +23.4 % | +9.5 % | – |
| Steel | +33.8 % | +13.9 % | Largest contributor to unit growth |
| Other metals (incl. two-tone) | +44.8 % | +13.8 % | – |
| Other materials | +7.1 % | +14.1 % | – |
Excluding the U.S., total watch-export volume fell 5.7 %, confirming soft demand elsewhere.
Key Markets (April 2025)
| Market | Value (CHF m) | % YoY | Share |
|---|---|---|---|
| United States | 851.9 | +149.2 % | 33.4 % |
| Japan | 175.5 | +1.9 % | 6.9 % |
| United Kingdom | 144.5 | +1.6 % | 5.7 % |
| Singapore | 132.2 | −9.2 % | 5.2 % |
| Mainland China | 131.7 | −30.5 % | 5.2 % |
| Hong Kong | 131.1 | −22.8 % | 5.1 % |
Top six markets combined: CHF 1.5668 billion (+34.9 %), representing 61.5 % of total exports.
Wristwatches by Price Segment
| Segment (export price) | % YoY |
|---|---|
| > CHF 3 000 | +22.9 % |
| CHF 200 – 500 | −1.2 % |
| Other segments | Solid, positive growth |
High-end pieces (> CHF 3 000) remain the main growth engine, while the lower-priced CHF 200–500 band underperformed.
Market-Trend Snapshot
- United States: Duty-driven advance shipments; not a signal of lasting demand growth.
- Asia: Persistent weakness – Mainland China (−30.5 %), Hong Kong (−22.8 %), Singapore (−9.2 %).
- Japan & UK: Modest, steady gains (+1.9 % and +1.6 %).
With the U.S. outlier removed, global demand appears subdued, pulled down chiefly by Asia.
Conclusion
In April 2025 Swiss watch exports climbed 18.2 % to CHF 2.549 billion, bringing year-to-date growth to 4.0 %. The single biggest driver was a 149.2 % spike in shipments to the United States ahead of tariff changes, with high-end (> CHF 3 000) and steel watches standing out. Excluding the U.S., export value would have fallen 6.4 %, highlighting continued softness in other regions—most notably Mainland China (−30.5 %) and Hong Kong (−22.8 %). The stark contrast between Asia’s slump and America’s one-off surge underscores uneven global demand and an uncertain business climate.
