So far in 2025, Swiss watch exports are up by a slight 1.1% compared to 2024. However, in a rare comment on actual watch sales, the Federation warns, “This result does not reflect the actual sales situation, which has followed a less positive trend.” Vontobel analyst and head of Swiss equity research, Jean-Philippe Bertschy says, ”such a cautious or negative statement from the Federation is unusual and noteworthy.” In a note to clients, Bertschy says that the May export data reflects the first signs of a slowdown this year. And while the May U.S. Swiss watch import decline was due largely to an expected surge in April in response to tariffs, “the downward trend in other markets is a growing concern,” he says
