Swiss watch exports fell in September, hurt by the Trump administration’s 39 percent tariff on imports from Switzerland to the US, the industry’s largest market.

Watch exports fell 3.1 percent from a year earlier to 2 billion Swiss francs ($2.5 billion), the Federation of the Swiss Watch Industry said in a statement Tuesday. Increases in most markets last month were eclipsed by a 55 percent plunge in exports to the US.

That marks the second straight monthly drop in watch exports to the US, after shipments surged in July as producers rushed to build up inventory ahead of the anticipated tariff.

Richemont and Swatch Group AG, as well as independent watchmakers including Audemars Piguet, Patek Philippe and Rolex SA, have been affected by the US levy, the highest in the developed world.

Swatch shares fell as much as 1.9 percent in early trading in Zurich, while Richemont was little changed.

“Trading conditions remain difficult, albeit against easier comparatives heading into 2026,” said Vontobel analyst Jean-Philippe Bertschy.

Leaving aside the US, Swiss watch exports would have grown by 7.8 percent last month, according to the statement.

Steel watches led the decline, with a decrease in value of 3.8 percent. Timepieces sold for more than 3,000 francs fell, alongside those sold for less than 500 francs. Mid-priced watches saw a 4.2 percent increase in exports in September.

Overall, Switzerland’s exports to the US rebounded in September, suggesting demand for its goods is so far withstanding the impact of President Donald Trump’s tariffs.

The Swiss government continues to pursue talks with Washington to secure a lower tariff, though its prospects of success are shrouded in doubt. While Commerce Secretary Howard Lutnick said last month that the US will “probably get a deal done with Switzerland,” there’s been little hint of progress since.

By Allegra Catelli

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