Swiss watches: exports at 2,2 billion in September, +11,7%

Context

TL;DR

• September 2026: exports worth 2,2 billion francs
• Value up 11,7% compared with September 2025
• 1,4 million watches: +19,9%
• The United States leads the markets with 293 million

Key facts

The September figure

In September 2026, Swiss watch exports abroad stood at 2,2 billion francs. According to data released by the Federation of the Swiss Watch Industry (FH), the value increased by 11,7% compared with the same period in 2025. From Bienne (BE), the source therefore reports growth of over 11%, while the number of timepieces sold rose by 19,9%, reaching 1,4 million.

The arithmetic comparison between 19,9% and 11,7% yields 8,2 percentage points: quantity grew more than value in the monthly data. Both measures are therefore increasing, but the difference between the rates should be interpreted as the gap between growth in the number and growth in value, not as a second export figure.

September's growth follows that of the previous three months, already identified by the source as a confirmed trend: August recorded +9,1%, July +9,6% and June +11,2%. The monthly trajectory also includes May's mini-rebound, +0,4%, after a very difficult April, at -16,6%. Between August and September, the rate rose from +9,1% to +11,7%, an increase of 2,6 percentage points calculated from the stated rates.

Over the January–September period, the balance remains positive: Swiss watch exports rose by 2,7% in value year on year, reaching 19,5 billion francs. The cumulative figure covers the first nine months, while the 2,2 billion concerns September: the two figures therefore refer to different time windows.

Operational details

The geography of sales

Six markets, one shared weight

The overall result does not describe all markets in the same way. For September, the Federation of the Watch Industry pairs sales value with a percentage change for the main markets. The order reported by the source starts with the United States and continues with France, Japan, the United Kingdom, Hong Kong and mainland China.

The first comparison concerns the absolute values given for the month. The difference between the United States and France is 46 million francs, calculated as the difference between 293 and 247 million. The gap between the leading market and mainland China rises to 163 million, obtained by subtracting 130 from 293. These are differences between the listed monthly values, not individual shares of exports.

The second comparison concerns the rates instead. The United States records the highest increase, +85,7%, while France posts +11,1% and Japan +8%. Hong Kong grows by +3% and mainland China by +5,8%; the United Kingdom is the only one of the six markets listed with a negative change, amounting to -5,2%.

The source also specifies that these six markets together account for 53% of sales abroad. The 53% measures the group's combined weight, while the 85,7% measures the change in the United States: the two percentages have different bases and are not directly interchangeable. The reported data do not break down the overall +11,7% among the individual markets, so they do not quantify each one's contribution to total growth.

Key points

Price ranges and limits of the snapshot

Growth by segment

The second key perspective provided by the source concerns price ranges. In this case, the comparison is expressed in terms of value and comprises four groups: watches under 200 francs, products between 200 and 500 francs, items between 500 and 3000 francs, and timepieces over 3000 francs.

All ranges are growing, but with different intensities. The 200 to 500 franc group has the highest rate, +52,1%, followed by watches under 200 francs, +30,2%. The 500 to 3000 franc range grows by 11,8%, while the range over 3000 francs records +9,9%.

Here too, the numerical comparison adds a useful distinction: between the highest and lowest growth rates there are 42,2 percentage points, calculated as 52,1 minus 9,9. The distance between the 500-3000 segment and the one over 3000 is instead 1,9 points. These calculations concern only the growth rates in value; the source does not provide the absolute amounts exported in each range.

The monthly total of 2,2 billion francs and the overall number of 1,4 million timepieces are not broken down by segment. Therefore, the reported data do not show how many units belong to each range, nor what the average value of a watch is for each group. Likewise, the text does not cross-reference price ranges and geographical markets.

The available snapshot therefore remains limited to export performance: September's growth, the balance for the first nine months, and changes in the segments. The text does not document the causes of the progression, margins, employment, domestic-market sales, or forecasts for the full year. The monthly +11,7% and the +2,7% for the first nine months describe different periods and, on their own, do not allow the result to be projected beyond the data indicated.

Source: tio.ch