(11.02.2026) Swiss watchmaking closed the 2025 financial year in decline amid global uncertainty. Exports fell by -1.7% to CHF 25.6 billion, marking a second consecutive year of contraction, according to the Federation of the Swiss Watch Industry (FH).
US trade policy and the slowdown in the Chinese and Hong Kong markets weighed on exports. Over two years, sales of Swiss watches in China have contracted by more than one third. At the same time, record levels in the prices of gold and the Swiss franc have led to a sharp increase in Swiss watch retail prices on global markets.
Results vary by product category. Sales of models with an export price above CHF 3,000 declined by -1.9%. The segment between CHF 500 and CHF 3,000 remained stable, while exports of watches below this threshold saw a marked drop (-4.5%). Overall, the number of watches exported fell by -4.8% (-740,000 units), for a total of 14.6 million timepieces sold.
From a geographical perspective, exports remained stable in the Americas (+0.3%) and in Europe (-0.3%) but declined clearly in Asia (-3.8%). The United States, the leading market with 17% of exports, ended the year with an annual change of -0.5%.
Results for 2026 are expected to remain broadly balanced. The strong performance of the sector in the United States in December 2025 (+19.2%) offers more favorable prospects, although concerns persist regarding decisions taken by the White House. No recovery in the Chinese market is expected in the near term.
Swiss watchmaking production remains under pressure, and this situation is having repercussions on employment. According to the census conducted by the Swiss Watch Industry Employers’ Federation, employment in the sector declined by -1.3% in 2025.
Last modification 11.02.2026
