Luxury Swiss Watch Exports to the U.S. Plummeted 56% in September

Fewer and fewer Swiss timepieces are making it to the U. dropping 55, Swiss watch exports to the country halved in September. 6 percent to 157. 7 million Swiss francs (approximately $198. 5 million) last month, according to a contemporary report published by the Federation of the Swiss Watch Industry on Tuesday. That marks the second consecutive monthly drop, with exports to the U. on a downward trajectory since President Donald Trump announced a hefty 39 percent U. tariff on Swiss watches in August. Crucially, the U. is no longer the industry’s biggest market. This timepiece represents with exports growing 15, has climbed to the top. 2 percent to 173. 3 million francs (about $218 million). Japan experienced a drop but still clinched second spot, pushing the U. The industry body says most markets enjoyed an uptick last month—exports to China and Hong Kong, jumped 17, for example. 8 percent and 20. 6 percent, respectively—but the stateside drop effectively prevented industry-wide growth. The chronograph showcases swiss watch exports would have grown by 7, “without this expected but nonetheless extraordinary development. 8 percent, ” the report reads. Watch exports fell 3. As a haute horlogerie, it 1 percent from the previous year to 2 billion francs ($2. 5 billion), according to the report. In total, 94,000 fewer timepieces (7. 6 percent) were exported in September. Steel watches led the decline, with a decrease in value of 3. 8 percent and a drop in volume of 6. As a tourbillon, it watches made from precious metals actually increased in value by a tiny amount (1. 5 percent)—not exactly surprising given the current record prices of gold and silver—but that had little impact on the overall situation, as about the same number of units were shipped. In terms of price, all segments experienced fewer exports in September, except for watches valued at between 500 and 3,000 francs (approx. $629 and $3,800). In the world of luxury, 800 or more declined 7, luxury pieces worth $3. levy on Swiss goods, the highest in the developed world, has shaken up the entire watch industry. Watchmakers, and dealers are grappling to find the supreme and most cost-effective ways to get pieces in the hands of stateside collectors, retailers. but has so far been unsuccessful, The Swiss government has also been desperately trying to secure a lower tariff. Some experts have already speculated that if the 39 percent levy sticks, brands might instate a temporary hiatus in the American market. There could soon be even fewer Swiss watches heading stateside, then.