Story Highlight
– Britain became second largest market for Swiss watch exports.
– U.S. market dipped 1.6%, still largest overall.
– France’s ranking due to tax advantages in re-exports.
– Overall export value dropped 1% in March.
– Middle East exports fell significantly due to regional conflicts.
Full Story
In March, Britain’s stable economic environment positioned it as the second-largest market globally for Swiss watch exports, with sales increasing by 3.2%. This uptick contrasts with the overall trend of Swiss watch exports, which saw a slight decline of 1% in value for the month; however, exports rose by 1.4% for the first quarter of the year.
The United States continues to dominate as the foremost market, though it experienced a modest year-on-year reduction of 1.6% in March. This decrease can be attributed to a significant surge in exports recorded in March 2025, spurred by concerns regarding potential tariff increases under President Trump’s administration.
Interestingly, the Federation of Swiss Watch Industry has recorded France as the world’s second-largest market, a situation influenced by the tax benefits associated with watches exported to France and subsequently re-exported to other nations.
The ongoing conflict in the Middle East has adversely impacted export figures to the region. Notably, exports to Saudi Arabia plummeted by 16.1%, while Qatar experienced an even steeper decline of 24.8%. In contrast, the United Arab Emirates, which represents the largest market in this region, exhibited a slight increase of 0.7% in year-on-year sales for March.
Encouraging signals have emerged from Asia, with both China and Hong Kong showing signs of stabilisation following previous downturns. For the first quarter, exports to Hong Kong decreased marginally by 0.8%, while shipments to China were down by 0.7%. Manufacturers are likely to view these trends with cautious optimism as they adapt to the changing dynamics of the global watch market.
