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Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Swiss watch exports to US soar as time ticks on tariffs
Swiss President Karin Keller-Sutter held trade talks with a US representative in Geneva earlier this month. (EPA Images pic) ZURICH : Swiss watch exports to the US soared last month as US President Donald Trump called time out on tariffs, today's industry figures showed. US-bound shipments soared by 149.2% in April compared to the same month a year ago, according to the federation of the Swiss watch industry. Trump imposed a 10% tariff on imports from around the world in early April but hit dozens of countries with steeper duties, with Swiss goods facing a 31% levy. The US president, however, paused the higher tariffs until July to give time for negotiations. The surge in Swiss watch exports to the US was 'mainly the result of early shipments' as higher US tariffs loom, the federation said. 'The sharp rise in exports is therefore more a reflection of a one-off response to an uncertain commercial situation than a genuine sign of a structural strengthening of demand,' it added. Global Swiss watch exports rose by 18.2% in April to 2.5 billion Swiss francs (US$3 billion). Without the exceptional US shipments, overall exports would have fallen by 6.4% due to a slump in China and Hong Kong, the federation said. The US is by far the main market for the Swiss watch industry, whose timepieces must be made domestically to earn the 'made in Switzerland' label. Swiss President Karin Keller-Sutter held trade talks with US Treasury Secretary Scott Bessent in Geneva earlier this month.
Daily Mail
27-05-2025
- Business
- Daily Mail
Swiss watch exports to the US more than double in rush to beat Trump's tariffs
Swiss watch exports to the US more than doubled last month as the clock ticked down on Donald Trump's threatened tariffs. Shipments to America rose 149 per cent to £762million as exporters rushed to dodge higher import taxes ahead of last month's introduction, the Federation of the Swiss Watch Industry says. Trump hit Swiss imports with a 10 per cent levy in April and has also threatened a 31 per cent increase if a trade deal is not reached soon. Excluding exports to the US, the total number of watches shipped from Switzerland fell by 5.7 per cent in April. Products sent to Hong Kong – the second largest market – plunged 9.2 per cent to £118.2million. Prestigious Swiss watch brands include LVMH-owned Omega, Rolex and Cartier – which is controlled by Richemont.
Al Arabiya
27-05-2025
- Business
- Al Arabiya
Swiss watch exports to US soar ahead of Trump tariffs
Swiss watch exports to the United States soared last month as US President Donald Trump called time out on tariffs, industry figures showed on Tuesday. US-bound shipments soared by 149.2 percent in April compared to the same month a year ago, according to the Federation of the Swiss Watch industry. Trump imposed a 10 percent tariff on imports from around the world in early April but hit dozens of countries with steeper duties, with Swiss goods facing a 31 percent levy. The US president, however, paused the higher tariffs until July to give time for negotiations. The surge in Swiss watch exports to the United States was 'mainly the result of early shipments' as higher US tariffs loom, the federation said. 'The sharp rise in exports is therefore more a reflection of a one-off response to an uncertain commercial situation than a genuine sign of a structural strengthening of demand,' it added. Global Swiss watch exports rose by 18.2 percent in April to 2.5 billion Swiss francs ($3 billion). Without the exceptional US shipments, overall exports would have fallen by 6.4 percent due to a slump in China and Hong Kong, the federation said. The United States is by far the main market for the Swiss watch industry, whose timepieces must be made domestically to earn the 'made in Switzerland' label. Swiss President Karin Keller-Sutter held trade talks with US Treasury Secretary Scott Bessent in Geneva earlier this month.
Bloomberg
27-05-2025
- Business
- Bloomberg
Swiss Watch Exports Jump in April Ahead of Threatened US Tariffs
Swiss watch exports jumped by almost a fifth in April as shipments to the US more than doubled ahead of expanded tariffs threatened by President Donald Trump. Total shipments rose 18% to reach 2.5 billion Swiss francs ($3 billion) for the month, according to the Federation of the Swiss Watch Industry, with exports to the US, the single biggest market, up a whopping 149%.
Wall Street Journal
27-05-2025
- Business
- Wall Street Journal
Swiss Watch Exports Jump in April Boosted by U.S. Frontloading
Swiss watch exports climbed in April, propelled by an exceptional increase in the U.S. due to early shipments ahead of the potential implementation of tariffs on imported goods to the country. Total exports of Swiss timepieces jumped more than 18% to 2.55 billion Swiss francs ($3.11 billion) in April compared with the prior-year period, according to data from the Federation of the Swiss Watch Industry, known as FH. For the first four months of the year, exports rose 4%. President Trump said last month that Switzerland would be subject to 31% levies on its exports to the U.S. Trump has since implemented a 90-day pause on the measures for countries open to negotiating trade deals. April's performance was driven by higher exports to the U.S., which were up by around 149%. Excluding the U.S., the result would have been a decline of 6.4%, dragged by shrinking demand in China, a country that once fueled growth for luxury brands and is now facing economic difficulties that have led buyers to tighten their purse strings. 'The sharp rise in exports is therefore more a reflection of a one-off response to an uncertain commercial situation than a genuine sign of a structural strengthening of demand,' the industry body said. This is consistent with FH's previous downbeat projection that global Swiss watch exports should decline again this year given no imminent turnaround in Chinese demand, Citi analyst Thomas Chauvet wrote in a note. As for the exceptional performance in the U.S., this should reverse throughout the summer, he added. Trends in other key markets showed a mixed picture at a time when the watch sector faces a challenging outlook due to slowing demand for high-end brands. All key listed players–including Cartier owner Richemont, French conglomerate LVMH, and Birkin bag maker Hermes–reported negative sales growth for their watch divisions in the first quarter, Vontobel analyst Jean-Philippe Bertschy said in a research note. Write to Andrea Figueras at
