Swiss watch exports to the US fell 19.4% in August as total exports rose 9.1%

Up 9.1% worldwide, down 19.4% in the US. Swiss watch export figures for August 2026 split the largest single market from the rest of the world.

The Federation of the Swiss Watch Industry (FH) published the August data on 17 September 2026. According to the US jewellery trade outlet JCK, total Swiss watch exports rose 9.1% year on year that month, while exports to the US fell 19.4%, the weakest performance among the main markets.

The US is still the biggest buyer, just buying less

Even after a fall of nearly a fifth, the US remains first. Exports to the US in August 2026 were worth CHF 197.5 million, about 11% of global shipments, still the largest single market for Swiss watches.

In the same month, wristwatch exports rose 8.6% in value to CHF 1.7 billion, and in volume by 9.5% to about 1.1 million pieces. Over a longer period, cumulative exports for the first eight months of 2026 exceeded CHF 17 billion, up 1.7% year on year; JCK noted that the 12-month moving average turned positive for the first time in two years.

For reference, Swiss watch exports for the whole of 2025 were CHF 25.6 billion, down 1.7% on the previous year. Cumulative figures for the first eight months of 2026 have recovered, while the US fall in August runs against the overall trend.

Tariffs make the US figures hard to read

Tariffs are one factor that makes the US figures hard to read. The US imposed a 39% tariff on Swiss goods in August 2025. According to Bloomberg's report of 14 November 2025, carried by Swissinfo, the US agreed to cut tariffs on most Swiss goods, watches included, to 15%, but this was only a preliminary framework, with negotiations to be completed in the first quarter of 2026; the report gave no effective date. As of October 2026, we have been unable to verify whether the 15% rate has formally taken effect.

The comparison base also distorts the picture. Exports to the US in the first half of 2026 fell 14.8% year on year, but FH noted that exports to the US had jumped 150% in April 2025, an extremely high base. Compared with the first half of 2024, exports to the US were instead 2.6% higher.

Single-month figures swing even more. In April 2026, total Swiss watch exports fell 16.6%; in May they edged up 0.4%; in June they rose 11.2% year on year to about CHF 2.4 billion, with volumes up 11.7% to 1.3 million pieces, and exports to the US also rose 12.7% that month. By August, the US had turned down again.

FH described the US market in the first half of 2026 as volatile after the additional tariffs took effect, and named the outlook for US tariffs on Switzerland and the situation in the Middle East as sources of uncertainty; it nonetheless expected the full year to be relatively more stable than 2025. Total export value for the first half was CHF 12.8 billion, down only 0.7% year on year.

Up at both ends, down in the middle

Broken down by price band, the picture is more nuanced. In August 2026, exports of watches priced under CHF 200 rose 13.3% and those above CHF 3,000 rose 10.2%; the CHF 500 to 3,000 band fell 0.9%, the only band to decline.

This is not a one-month phenomenon. According to WatchCollecting Lifestyle, export volumes in the first half of 2026 exceeded 7 million pieces, up 2.3%; mechanical watches under CHF 500 rose 23.8%, while the CHF 500 to 3,000 band fell 5.7%.

In these data, the lower price bands and those above CHF 3,000 recorded growth, while the CHF 500 to 3,000 segment came under pressure.

Analysis: what export figures can tell a watch buyer

What follows is editorial observation, not a forecast. Export statistics measure the value of goods shipped from Switzerland, not in-store transaction prices, still less secondhand market prices. We found no reliable source directly showing a causal link between export movements and retail or secondhand prices, so what follows is only a way of reading the numbers.

• Look at the trend, not a single month: April fell 16.6% and June rose 11.2%. Single-month figures can swing sharply with the comparison base and the tariff timetable, so a conclusion drawn from any one month is easily wrong.
• Mind the comparison base: exports to the US jumped 150% in April 2025, which makes the fall in the same period of 2026 look especially alarming; against 2024, the picture is far milder.
• Tariffs remain unsettled: as of October 2026 we could not verify whether the 15% framework has been implemented, and FH itself lists US tariffs as a source of uncertainty. If you are buying in the US or comparing US prices, this is a variable you need to check yourself.
• The divergence between price bands deserves attention: exports in the CHF 500 to 3,000 band are under pressure, while the lower bands and those above CHF 3,000 are growing. This reflects only the direction of export volume and value; it does not mean any particular model will rise or fall in value.
• The secondhand market has its own supply and demand: fewer exports do not mean secondhand prices will rise, and more exports do not mean they will fall. The evidence is not sufficient to treat export figures as a measure of value retention.

The next set of export figures will show whether August in the US was a stumble or the new normal. Until then, rather than chasing single-month ups and downs, it is better to be clear about why you want the watch. The numbers will swing; the reason you like a watch will not.

Prices and details correct as of October 2026

Compiled by the F50 Editorial Team from public sources, for general reference only and not professional advice. Details are correct as of the publication date and may change.