Swiss watch exports came to 25.6 billion francs in 2025, down 1.7 percent and the second annual decline in a row, according to the Federation of the Swiss Watch Industry. Volume fell considerably faster: 14.6 million watches left Switzerland, 4.8 percent fewer, about 740,000 units gone.
Volume down 4.8 percent, value down 1.7 percent
Two numbers moving at different speeds is the whole story. When units fall faster than francs, the average exported watch got more expensive. Divide the 24.4 billion francs of watch products by 14.6 million units and the average export value lands near 1,670 francs, against roughly 1,620 the year before.
The Federation says as much directly: demand in the highest price segments held steady while the majority of products declined. The industry is not shrinking evenly. It is shedding its lower and middle tiers and concentrating at the top.
The industry is not shrinking evenly. It is shedding its middle and concentrating at the top.
Rich & Richer
Where the demand went
| Market | 2025 movement |
|---|---|
| United States | 17 percent of exports, the largest destination |
| China | Down 12.1 percent |
| Hong Kong | Down 6.5 percent |
| Japan | Down 5.8 percent |
The Asian decline is the significant line. Hong Kong and mainland China were the engine of the last cycle, and both contracted while the United States consolidated its lead. Groups have been repositioning accordingly, a shift visible in how brands are approaching Southeast Asia and in the way houses now program exhibitions rather than pure retail in Chinese cities.
What a collector should take from it
A falling unit count with a rising average price is a market where scarcity is doing more of the work and breadth is doing less. That supports the pieces already regarded as scarce and offers nothing to the middle of the range, where most buyers actually transact and where secondary values have the furthest to fall.
Export statistics measure watches leaving Switzerland, not watches sold to customers. They lead retail and can diverge from it for several quarters when inventory is being managed. Treat them as a read on what the industry expects to sell.
Frequently asked questions
What were Swiss watch exports in 2025?
25.6 billion francs, down 1.7 percent on 2024 and the second consecutive annual decline, according to the Federation of the Swiss Watch Industry.
How many watches were exported?
14.6 million, down 4.8 percent, or about 740,000 fewer than the previous year.
Which markets fell hardest?
China fell 12.1 percent, Hong Kong 6.5 percent and Japan 5.8 percent. The United States held its position as the largest destination at 17 percent of exports.
Is the whole market declining?
No. The Federation reported steady demand in the highest price segments while the majority of products declined, which is why volume fell faster than value.