UK is top for Swiss watch exports as USA reels
In a turn of events widely expected, Swiss exports to the USA have crashed, following the imposition of 39% tariffs.
July’s numbers to the States were up significantly as brands and retailers alike tried to beat the official introduction of the tariff. In contrast, and partly because of July’s rush, the September numbers to the U.S. have fallen through the floor.
There is better news for the UK market, which was surprisingly the biggest Swiss watch export market in the world in September.
Swiss watch exports overall in September contracted by 3.1% year-on-year, down to 2.0 billion francs, meaning cumulative exports for the first nine months of the year were worth19.0 billion francs, an overall decline of 1.2%.
As the graph above illustrates, the USA stands out as being the major casualty in September’s figures, while China, Hong Kong, and the UK showed decent increases, year on year.
Below, you can see the major months for Swiss imports in the States (April, when the policy was announced, and July, when the tariffs were about to be introduced).
There is a lot of speculation about an agreement being worked on behind closed doors between the Swiss and American authorities, and data like this should serve as a timely reminder of what’s at stake until such point that hands are shaken on new and improved terms.
