After months of turbulence, the Swiss watch industry posted its strongest export month in over a year. February 2026 saw exports rise 9.2% year-over-year to 2.2 billion Swiss francs, roughly $2.77 billion. The numbers suggest that the worst of the tariff-driven downturn may be behind us, though the picture is more complicated than a single headline can capture.
The US Leads the Rebound
The United States, which bore the brunt of the tariff shock in 2025, was the biggest driver of the recovery. Exports to the US climbed 26.8% compared to February 2025, a striking reversal from the 56% decline recorded in September 2025 when the original 39% tariff was in full effect.
The reduction to 15% in December 2025 clearly changed the calculus for both brands and buyers. But it is worth noting that February 2025 was itself a weak comparison point, so the percentage gain reflects a bounce from a low base rather than a return to the highs of 2023 and 2024.
Beyond the US
The recovery was not limited to one market. Japan posted a 24% increase to CHF 155.9 million, confirming its position as a reliable growth market for Swiss watchmakers. France was the surprise performer, with exports surging 57.1%, enough to make it the third-largest market for Swiss watches in February.
China and Hong Kong, which have been closely watched after years of softness, showed modest improvement but did not match the growth rates seen in the US, Japan, and France.
What Sold
The data reveals a clear trend toward higher-value pieces. Precious metal and bimetallic watches (combinations of gold and steel) saw exports surge 38.4%. Growth was most pronounced in watches with an export price between CHF 500 and CHF 3,000, a range that covers much of what the entry-level luxury market cares about.
This aligns with broader observations from dealers and brands: buyers in early 2026 are gravitating toward considered purchases with good mechanics and lasting design, rather than chasing hype or novelty.
The Bigger Picture
The February data is encouraging, but context matters. Total Swiss watch exports for 2025 came in at 25.6 billion francs, a 1.7% decline compared to 2024. The industry is growing again, but from a lower base, and external risks remain. The 15% US tariff is still higher than the pre-2025 rate, and geopolitical uncertainty in the Middle East adds another variable.
The March data, expected later this month, will help clarify whether February was the start of a sustained recovery or a temporary bounce driven by inventory restocking after the tariff reduction.
Sources
- Swiss Watch Exports Rise 9.2% in February - Bloomberg
- Swiss Watch Exports Back In Positive Territory - WatchPro
- Swiss Watch Exports See Gains in Key Markets - Rapaport
- Swiss watch industry sees export values up 9.2% in Feb 2026 - JewelBuzz
