Swiss Watch Exports Fell in 2024 for the First Time in Four Years

By Rob Bates | February 13, 2025

Swiss watch exports fell 2.8% in 2024 from the prior year, as the industry continued to be hit by a downturn in the Chinese economy, according to statistics compiled by the Federation of the Swiss Watch Industry (FHS).

This marked the first annual export decline the FHS has recorded since 2020, when the pandemic nearly brought Swiss watchmaking to a halt. After that, the industry recorded healthy export gains, enjoying record years in 2022 and 2023.

But in 2024, exports to once-thriving Asian markets fell dramatically. Exports dropped 25.8% to China, though it remained the world’s second-largest Swiss watch market.

The United States was the leading destination for Swiss watches last year, with exports growing 5% over 2023, to hit 4.4 billion Swiss francs (about $4.8 billion).

Japan leapfrogged Hong Kong to become the world’s No. 3 consumer, with Swiss watch exports rising 7.8% last year. Shipments to fourth-place Hong Kong decreased 18.7%.

2024’s decline was intensified by what the FHS labeled a “sharp contraction” in December, as exports that month fell 5.4% year-over-year. The United States registered its first drop (1%) in six months, while another star market, Japan, saw exports fall 12%.

(Photo: Getty Images)