Swiss Watch Industry Shows Resilience Amid Tariffs, Seeks Growth in India and China
The Swiss watch industry has demonstrated remarkable resilience despite facing numerous challenges. In 2024, the United States remained a significant market, accounting for nearly 17% of global Swiss watch exports, valued at CHF4.4 billion ($5.5 billion). However, the industry has since grappled with US tariffs and a strong Swiss franc.
Looking at the export figures, the industry has shown remarkable stability. Despite the US tariffs and other hurdles, the value of Swiss watch exports fell by a mere 1% between January and August 2025 compared to the previous year. This suggests that the industry may have anticipated the tariffs and stockpiled watches before their implementation.
Looking towards growth markets, India and Mexico have shown promise. India's exports increased by 7% in 2024, while Mexico's exports reached CHF337 million in the same year. Meanwhile, the market for second-hand watches is thriving, with around 40% of Generation Z respondents expressing interest in purchasing one.
The Swiss watch industry continues to face headwinds, including a strong Swiss franc and decreasing demand in other regions. Despite these challenges, the industry views India, China, and the US as crucial markets for growth. The US, in particular, remains a significant destination for Swiss watch exports, despite the impact of tariffs.
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