April 2026 Swiss Watch Exports Fall 16.6% as US Tariff Base Effects Distort the Picture

Swiss watch exports fell 16.6% in April 2026 to a total of CHF 2.13 billion, according to Federation of the Swiss Watch Industry data cited by trade press. The United States market accounted for the bulk of the decline, dropping 56.4% year-over-year to CHF 372.3 million.

Analysts caution against reading the drop at face value. April 2025 saw an unusually large spike in US-bound exports as brands and retailers front-loaded inventory ahead of anticipated tariff increases, artificially inflating last year's base figure. Stripped of that distortion, April 2026's US figure is reported to be roughly 9% higher than the equivalent month two years prior.

Cumulative exports for the first four months of 2026 stood at CHF 8.33 billion, close to flat against the same period in 2024 but down 3.9% against 2025. Trade commentary suggests the underlying market is better described as a correction than a collapse, particularly once the US tariff-driven distortion is accounted for.

Retailers speaking to trade publications indicate the market is currently being propped up disproportionately by ultra-high-end sales above CHF 50,000, while the segment below that price point is contracting more broadly for all but a small handful of top brands.