Swiss watch exports fell sharply in April as shipments to the United States slumped from a distorted high base created last year, when brands and distributors rushed inventory across the Atlantic before higher US tariffs took effect.

Exports dropped 16.6 per cent year on year to CHF2.13 billion, with the United States accounting for the largest drag on the industry’s monthly performance. Shipments to the US, still the sector’s biggest market, fell 56.4 per cent to CHF372.3 million, reversing the exceptional jump recorded in April 2025 after Washington’s tariff announcement triggered front-loaded deliveries by Swiss manufacturers and retailers.

The April data underline how trade policy has complicated demand signals for an industry already contending with softer luxury spending, uneven Chinese recovery, a strong franc and shifting consumer preferences. The headline fall does not point only to weaker end-demand, since export figures measure goods leaving Switzerland rather than sales to final buyers. Inventory movements, tariff timing and rerouting through distribution hubs all played a role.

The comparison with April 2024 offers a more measured picture. US-bound exports were still 8.9 per cent higher than two years earlier, suggesting the market has not collapsed, even though the year-on-year drop was severe. The first four months of 2026 showed total Swiss watch exports down 3.9 per cent at CHF8.33 billion, while exports to the United States fell 22.7 per cent from last year’s tariff-inflated level but remained 10.1 per cent above the same period in 2024.

Wristwatch exports fell 17.5 per cent by value in April to CHF2.03 billion and 10 per cent by volume to about 1.17 million units. The industry shipped 129,000 fewer watches than a year earlier, with steel models contributing most to the volume decline. Precious-metal watches fell 24.3 per cent by value, while steel models dropped 18.1 per cent. Gold-steel models were down 9.8 per cent. The only material category to expand in value was other metals, up 10 per cent, though its smaller scale limited its effect on the overall result.

The high-end segment, which has powered Swiss watch export value for years despite falling volumes, also weakened. Watches priced above CHF3,000 at export level fell 19 per cent by value, while most other price categories declined. The CHF200 to CHF500 category was the exception, rising 7.7 per cent by value, indicating that mid-priced products showed better resilience than the luxury tier during the month.

The United States has become the industry’s key source of volatility since the Trump administration’s tariff moves began affecting trade flows. A 31 per cent tariff threat in April 2025 prompted companies to ship goods early, lifting US-bound exports to more than double normal levels. Subsequent tariff adjustments, stockpiling and replenishment cycles created an uneven pattern that continues to obscure the strength of underlying demand.

Vontobel analyst Jean-Philippe Bertschy said the US market remained difficult to interpret because tariff and inventory effects were producing a “seesaw pattern” likely to continue through the year. That assessment reflects a broader concern among watch executives that export numbers may remain choppy until US retail stock levels normalise and price increases are fully absorbed by consumers.

Other markets offered a mixed picture. France rose 46.3 per cent to CHF165.3 million, but the increase appeared influenced by rerouting within Europe rather than a clean reading of consumer demand. Singapore climbed 17.3 per cent to CHF154.9 million, China rose 17.1 per cent to CHF154.2 million and Hong Kong gained 13.5 per cent to CHF148.8 million, helped by softer comparisons from the previous year. Japan fell 12.1 per cent, the United Kingdom dropped 9.7 per cent, Germany was down 6.4 per cent and the United Arab Emirates declined 9.5 per cent.

China’s return to growth in April provided some relief but did not erase deeper weakness. For January to April, exports to China remained 22 per cent below the same period in 2024, while Hong Kong was down 12.1 per cent over the two-year comparison. That leaves the industry still exposed to sluggish luxury demand across parts of Greater China, historically one of its most important profit pools.

Emerging markets gave watchmakers a partial offset. India rose 48.6 per cent in April to CHF26.5 million and was up 39 per cent for the first four months, though from a smaller base than the United States, China, Japan or Europe. Mexico gained 59.4 per cent in April, extending its role as a growth market for luxury brands seeking younger consumers and wider regional diversification.