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Swiss watch exports rose 9.1% in August, but not everywhere

The rolling average turned positive for the first time in two years as the US fell and other major markets gained.

Hen & Mills Editorial · 3 min read · 28 September 2026

Swiss watch exports rose 9.1 per cent by value in August 2026, reaching CHF 1.789 billion, according to figures published by the Federation of the Swiss Watch Industry FH. The result moved the 12-month average into positive territory for the first time in two years. It is a useful improvement, but not a clean signal that every part of the market has turned.

August had one more working day than the comparable month in 2025, and several of the largest percentage gains came against weak prior-year figures. The FH also cautions that its data records exports from Swiss watch companies, not purchases by final customers. Watches arriving with distributors are not the same thing as watches leaving boutiques.

Even with those qualifications, the headline is stronger than the recent pattern. Export value for the first eight months of 2026 was up 1.7 per cent and passed CHF 17 billion. Wristwatch exports contributed CHF 1.7045 billion in August, an increase of 8.6 per cent, while exported volume rose 9.5 per cent to 1.092 million watches. That meant roughly 95,000 additional units crossed the border during the month.

The United States went the other way

The geographic split is the detail to watch. The United States remained the largest individual destination in the table at CHF 197.5 million, but that value was 19.4 per cent lower than a year earlier. The decline arrived despite an easier comparison base and contrasted with gains across most other leading markets.

The United Kingdom rose 46.1 per cent to CHF 164.7 million. Japan added 22.1 per cent to reach CHF 135.8 million, China increased 15.8 per cent to CHF 133.5 million and Hong Kong edged up 1.4 per cent to CHF 117.6 million. The top six markets together accounted for CHF 906.6 million, or 50.7 per cent of the month's total.

France requires special care. Its reported value more than doubled, rising 113.5 per cent to CHF 157.3 million. The FH says the unusual French result may reflect a shift in flows within the European Union, potentially at the expense of other member markets. Italy, for example, fell 40.4 per cent, while Germany rose 34 per cent. Reading each European figure as a direct measure of local consumer demand would be too neat.

More units, but the value sat at the ends

Every material group increased in value. Bimetallic watches were the standout, up 20.1 per cent to CHF 355.3 million. Precious-metal watches added 6.9 per cent to CHF 660.8 million, and steel watches rose 2.8 per cent to CHF 538.9 million. Watches classified under other materials increased 31.9 per cent by value and 20.6 per cent by volume.

Price bands show a similarly uneven recovery. Watches with an export price below CHF 200 grew 14.9 per cent by units and 13.3 per cent by value. The CHF 200 to CHF 500 segment increased 7.4 per cent by units and 6.1 per cent by value. At the top, watches above CHF 3,000 rose only 2.6 per cent by volume but 10.2 per cent by value, implying that higher average values helped drive the result.

Together, the material and price data argue against treating the month as a single luxury-led surge. Precious-metal watches still supplied the largest value among the material groups, but the fastest volume growth came from the broad other-materials category. At the same time, the cheapest price band expanded strongly while the uppermost band delivered more value than volume.

The middle was the exception. Watches priced between CHF 500 and CHF 3,000 at export fell 1.9 per cent by units and 0.9 per cent by value. That makes August less a story of uniform demand than one of growth at both ends, with affordable volume and high-value exports doing more of the work.

One positive month is not a settled recovery

The return of the 12-month moving average to growth is meaningful because it smooths some of the volatility visible in individual destinations. Still, the August comparison benefited from an extra working day and favourable bases in several markets. The divergence between a falling United States and sharp gains elsewhere also leaves the industry exposed to where stock is being sent, and when.

For now, the responsible conclusion is narrower than the 9.1 per cent headline. Swiss watch exports had a solid August, enough to improve the year-to-date result and lift the rolling average. The gains were real, but they were concentrated by market, material and price. September's figures will need to show whether that breadth improves once the calendar advantage disappears.