Swiss Watch Exports Up 11.7% in September 2026, Led by a Rebound in the United States

Swiss watch exports July to September 2026: growth of 9.6%, 9.1% and 11.7%; CHF 2.23 billion in September
Swiss watch exports, change vs the same month of 2025. Data: FH. Chart: Montre24

The recovery of Swiss watch exports continued in September 2026. According to the Federation of the Swiss Watch Industry (FH), exports reached CHF 2.23 billion, an increase of 11.7% compared with September 2025. It was the fifth consecutive month of growth, after rises of 9.6% in July and 9.1% in August.

The United States is back

The biggest change came from the United States, the largest single market for Swiss watches. Exports there jumped by about 86%. The comparison is flattering: in September 2025 shipments to the US had collapsed after the introduction of high American import tariffs on Swiss goods, so the base was very low. The Federation itself described the increase as primarily the result of this favourable base effect.

The picture in Asia was mixed. Exports to mainland China fell by 14.2%, while Hong Kong grew by 3%. Japan also posted growth, and the European Union as a whole rose by 15.5%. Shipments to the United Arab Emirates declined by about 9%.

Strong demand at the lower end

An interesting detail is where the growth came from. In value terms, watches with an export price below CHF 200 rose by about 30%, and the CHF 200–500 segment by about 52%. Watches above CHF 3,000, which account for most of the industry's revenue, grew by 9.9%. More pieces were shipped overall: volumes rose by almost 20%, faster than value.

Citigroup analyst Thomas Chauvet pointed to "significant regional divergence" in the market, with the strength of some regions offsetting weakness in others.

Nine months: back in positive territory

After nine months, Swiss watch exports total CHF 19.5 billion, up 2.7% on the same period of 2025. The first half of the year ended almost flat, so the summer and early autumn months have pushed the industry back into clear growth.

Key figures for September 2026

  • Total exports: CHF 2.23 billion, +11.7%
  • January–September: CHF 19.5 billion, +2.7%
  • United States: about +86% (low base after the 2025 tariffs)
  • European Union: +15.5%
  • Hong Kong: +3.0% · Mainland China: −14.2%
  • Watches above CHF 3,000: +9.9%

Our report on the previous month: Swiss watch exports in August 2026. Montre24 will follow the figures through the end of the year.

Sources: Federation of the Swiss Watch Industry (FH) export statistics for September 2026, as reported by Keystone-SDA (bluewin.ch), Bloomberg and Jing Daily on 20–21 October 2026.