Swiss Watch Exports Surge Ahead of US Tariff Storm

An 18% leap in exports - fueled not by desire, but by deadline - reveals the pressure building beneath the polished surface of Swiss watchmaking.

A Billion-Dollar Rush Against the Clock

In a rare twist of political urgency meeting luxury precision, Swiss watch exports soared 18% in April, reaching a remarkable CHF 2.5 billion ($3 billion). But it wasn’t consumer appetite alone behind this surge. The dramatic 149% rise in shipments to the US was, in truth, a calculated pre-emptive strike - a race to beat the clock before looming American tariffs hit harder.

The catalyst? 

A tariff warning from President Donald Trump, who in early April imposed a 10% levy on Swiss imports, with threats of a further 31% surcharge unless a trade resolution is met by July 9.

This sudden spike, as Vontobel analyst Jean-Philippe Bertschy explained, was not a sign of sustained demand, but "early shipments prompted by the announcement of US tariffs."

Precious Metals, Precious Time

The strongest performers in this export surge were watches made from precious metals, steel, and bimetallic blends - the very categories likely to feel the sting of expanded duties. These timepieces, the lifeblood of Swiss haute horlogerie, were shipped en masse to sidestep punitive costs and preserve profit margins.

Brands - particularly heritage maisons known for gold-cased chronographs and dual-tone complications - accelerated deliveries in a bid to maintain equilibrium in their most lucrative market: the United States.

The Flip Side: Asia’s Slump Deepens

Beyond the American boom, the global picture remains less flattering. Exports to the rest of the world fell 6.4%, extending a sluggish start to 2025. Asia, once the crown jewel of Swiss watch demand, saw sharp declines - China dropped 30%, Hong Kong slipped 23%, and Singapore weakened by 9%.

This slide mirrors the luxury sector’s broader recalibration. Major players like Richemont, LVMH, and Hermès have all recently reported sales contractions in the watch segment - a sign that even timeless icons must adapt to new realities.

The Tariff Clock Ticks On

With the July 9 deadline still looming, uncertainty hangs heavy over the industry. Unless trade talks yield a breakthrough, a further 31% surcharge could redefine price points, profit strategies, and demand curves - particularly in the world’s most influential luxury market.

For now, the surge in US-bound watches is a high-stakes ballet of logistics and legislation - a moment where precision meets pressure.

And while Swiss watches have long been admired for their timelessness, it seems even they are not immune to the ticking clock of geopolitics.