Swiss watch exports remained almost stable in May. They recorded a slight increase of 0.4 percent to 2.1 billion Swiss francs (2.2 billion euros). This happened despite a significant decline in China, as the Swiss Watch Industry Association announced on Thursday.
However, this stabilization helps to “mitigate the cumulative decline in the first five months of the year,” the association said in a statement. The decline since the beginning of January is now 3.1 percent.
Last month, Swiss watch exports to the United States rose 12.3 percent. In the United Kingdom, they increased by 24.9 percent, according to data from the Watch Association.
France recorded the strongest increase among major watch markets. Growth was 57 percent compared to the same period last year. The association emphasized that France is “driven by its role as a logistics platform” for the re-export of the watches to other markets.
Exports to China, however, fell by 21.4 percent. This dampened hopes of a recovery in this important market for Swiss watchmakers.
These statistics “likely confirm that Chinese demand is subdued,” Jefferies analysts commented. The figures since the beginning of the year had actually indicated an improvement after two difficult years in this market.
However, the basis for comparison was “weak,” notes Manuel Lang, analyst at Vontobel. For him, “this decline in May could serve as a warning to those who were betting on a recovery in China.”
After reaching record levels in 2023, the Swiss watch industry experienced two more difficult years. The reason for this was the decline in demand in China since 2024, which was compounded by tariffs in the United States in 2025. However, since the beginning of 2026, the watch association’s statistics indicated that a recovery was beginning in China.
Watch exports to China recovered by five percent in January. They fell by eleven percent in February, but recovered by 4.2 percent in the following month. In April they rose significantly with an increase of 17.1 percent.
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