Swiss watch exports to the key US market soared nearly 14 percent in March, likely the result of retailers stocking up before US President Donald Trump announced his tariffs on countries worldwide.
Analysts have warned that Switzerland’s storied watchmaking industry could be among the hardest hit by the 31-percent import levies for Swiss goods announced in early April — though they have since been paused for 90 days.
But a baseline 10-percent tariff on all US imports still took effect on April 5.
In March, Swiss watch exports to the United States jumped 13.7 percent compared to a year earlier, rebounding after a 6.7 percent drop the previous month, the country’s watchmakers’ federation said.
That helped exports overall edge up 1.5 percent to 2.38 billion francs ($2.9 billion).
“We believe the 14-percent increase in US exports is significantly inflated by the tariff chaos, as earlier shipments overseas had already begun weeks ago,” said Vontobel analyst Jean-Philippe Bertschy.
The United States has been the biggest market for Swiss watches since 2021, overtaking Hong Kong and China, which had long been the top markets for the industry.
“The US exports probably reflect Swiss producers pushing product and US retailers pulling ahead of US tariffs in April,” said Jon Cox, an analyst at Kepler Cheuvreux.
But he warned that “every indication out there points to a slowdown in the US market”.
