Switzerland: watch exports almost stable in May

Zurich - Swiss watch exports remained almost stable in May, recording a modest increase of 0.4 percent to 2.1 billion Swiss francs, amid a sharp decline in China, the watch federation announced on Thursday.

This stabilisation, however, helps “to mitigate the cumulative decline observed over the first five months of the year,” the federation noted in a statement. The decline since the beginning of January now stands at 3.1 percent.

During the past month, Swiss watch exports rebounded by 12.3 percent to the US and by 24.9 percent to the UK, according to the watch federation's records.

France, however, showed the strongest increase among the major watch markets. Growth there amounted to 57 percent compared to the same period a year earlier. The federation highlighted that France is “driven by its role as a logistics hub” for re-exporting watches to other markets.

In contrast, exports to China fell by 21.4 percent, dampening hopes of a recovery in this key market for Swiss watchmakers.

These statistics “probably confirm that Chinese demand is mixed,” reacted Jefferies analysts in a market commentary. This comes as statistics since the beginning of the year had suggested an improvement after two difficult years in this market.

The basis for comparison was, however, “weak,” notes Manuel Lang, an analyst at Vontobel. For Lang, this drop in May “could serve as a warning for those who were betting on a recovery in China.”

After reaching peaks in 2023, the Swiss watch industry has experienced two more difficult years with the fall in demand in China since 2024, to which were added customs duties in the US in 2025. A glimmer of recovery seemed to be emerging in China in the watch federation's statistics since the beginning of 2026.

Watch exports to China had recovered by 5 percent in January, then fell by 11 percent in February but rebounded by 4.2 percent the following month. In April, they strengthened significantly, recording an increase of 17.1 percent.

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