Swiss watch exports return to growth as UK demand jumps 46%
The Swiss watch industry's export figures returned to growth in August 2026, but the headline number conceals a widening split between a surging UK market and a sharply weaker United States.
A return to growth, with caveats
On 17 September 2026 the Federation of the Swiss Watch Industry (FH) published its monthly export data for August 2026. The total value of Swiss watch exports rose 9.1% year on year, to CHF 1,789.2 million, and the twelve-month moving average turned positive for the first time in two years. Over the first eight months of 2026, exports were cumulatively up 1.7%, passing the CHF 17 billion mark.
Wristwatches accounted for CHF 1,704.5 million of that total, up 8.6% by value, and 1,092,100 units, up 9.5% — roughly 95,000 more watches than in August 2025. Growth was broad across materials: gold-and-steel bimetallic watches led by value, up 20.1%, ahead of precious-metal models at 6.9% and steel at 2.8%.
By price, the strongest growth came at the two ends of the market. Watches with an export price below CHF 200 rose 13.3%, and those above CHF 3,000 rose 10.2%. The CHF 500–3,000 band — the heart of the mainstream market — slipped 0.9%.
The UK leads, the United States falls back
The United States remained the single largest market for Swiss watches, at CHF 197.5 million, but it was the weakest of the major destinations: exports there fell 19.4%. The FH noted that the decline came despite a favourable basis of comparison with August 2025, when the market was already subdued.
The United Kingdom was the standout performer. Exports to the UK rose 46.1%, to CHF 164.7 million, giving Britain a 9.2% share of the total and placing it second only to the United States among individual markets.
- United States — CHF 197.5m, down 19.4% (11.0% of the total)
- United Kingdom — CHF 164.7m, up 46.1% (9.2%)
- France — CHF 157.3m, up 113.5% (8.8%)
- Japan — CHF 135.8m, up 22.1% (7.6%)
- China — CHF 133.5m, up 15.8% (7.5%)
- Hong Kong — CHF 117.6m, up 1.4% (6.6%)
The FH urged caution over the European figures. It said France's unusually large increase — more than double the value of a year earlier — may reflect goods moving through a distribution hub rather than end demand, with that value counted against neighbouring markets instead. Italy, for its part, fell 40.4%. Elsewhere Germany rose 34.0%, Singapore 8.5% and the United Arab Emirates 6.1%.
What it means if you are buying or selling
Two caveats matter before reading too much into a single month. First, these are export figures — shipments from Switzerland to distributors and retailers — not sales to consumers, and the FH says as much on its own statistics pages; a strong month can reflect restocking as much as demand. Second, August 2025 was a weak month and August 2026 had one more working day, both of which flatter the year-on-year comparison.
For the UK market, though, the direction is clear: Britain was the strongest of the world's large markets in August, and more stock is flowing into the country. For buyers that generally means better availability; for sellers it means a competitive market, where price turns on condition, provenance and completeness rather than on a headline figure.
The practical response is the same on both sides: value the specific watch, not the market. A valuation against current conditions takes minutes and costs nothing.
Sources
- Federation of the Swiss Watch Industry — Swiss watchmaking in August 2026 (press release, 17 September 2026) — www.fhs.swiss/file/59/comm_260808_a.pdf
- JCK — Swiss Watch Exports to the U.S. Fell Nearly 20% in August — www.jckonline.com/editorial-article/swiss-watch-exports-us-august/
- Federation of the Swiss Watch Industry — Swiss watch exports statistics — www.fhs.swiss/eng/statistics.html
Links open the original publications. Nothing here is sponsored.
