Swiss watchmaking can be viewed through several different lenses: the value of exports, the number of watches shipped, the reach of certification and the public presentation of the craft. Keeping those measures separate makes the industry easier to understand. The annual results for 2025 describe a slowdown, while the figures through August 2026 offer a partial view of the following year.
A Second Year of Decline in 2025
The Federation of the Swiss Watch Industry FH's 2025 annual export report, dated 29 January 2026, recorded exports of 25.6 billion francs, down 1.7% from 2024. This was the second consecutive annual decline. FH identified US trade policy as a burden on exports to the largest market, alongside another sharp downturn in China and Hong Kong.
Exports to China had fallen by over a third in two years. Meanwhile, record highs for gold and the Swiss franc increased the cost of Swiss watches, especially in foreign markets. The report also recorded a 1.3% fall in sector employment, drawing on the Swiss Watch Industry Employers' Association's survey at the end of September. The slowdown therefore involved both trading conditions and employment.
Where Swiss Watches Go
The United States accounted for 17% of Swiss watch exports in 2025, with a value of CHF 4,352.9 million and an annual decline of 0.5%. Japan followed with CHF 1,850.9 million, then China at CHF 1,804.4 million and Hong Kong at CHF 1,790.8 million. The United Kingdom and Singapore completed the leading six destination markets.
The regional picture was uneven. America grew 0.3%, Europe declined 0.3% and Asia fell 3.8%. Within Asia, falls in Japan, China and Hong Kong contrasted with growth in the United Arab Emirates, South Korea and Saudi Arabia. A worldwide total thus brings together markets moving in different directions; it should not be treated as a description of every country's experience.
Europe's modest overall decline also concealed variation: France grew 1.3%, while Germany fell 6.8%; the United Kingdom rose 0.1% and Italy declined 0.5%. Reading the destination figures together gives a more specific picture than assigning the entire industry a single geographical trend.
Price Segments and Materials
Watches themselves accounted for 24.4 billion francs of exports in 2025. The number exported fell 4.8% to 14.6 million, a reduction of 740,000 watches. Value and volume are separate measures: one describes the francs attached to exports, the other the number of watches. Neither should stand in for the other when discussing the year's performance.
For watches above CHF 3,000 at export price, FH reported a decline of 1.9%. The CHF 500–3,000 segment remained stable, while the segment below CHF 500 declined 4.5%. These are export-price bands, so a collector should not use them as a retail budget guide. The middle segment's stability also makes a simple account of uniform decline misleading.
Materials showed similar differences. Steel watch exports fell 2.8% by value, other metals 12.7% and precious metals 0.3%. Bimetallic watches rose 2.4%, although that increase could not offset the declines elsewhere. These categories describe commercial results; they do not establish a hierarchy of material quality.
The distinction between value and volume is especially clear in steel: its export value fell in 2025, yet the number of steel watches exported rose 3.8%. Opposite movements in those measures are a reason to identify exactly what a percentage describes.
Signs of Recovery in 2026
FH's August 2026 analysis reported export growth of 9.1%, with one more working day than in August 2025. The twelve-month moving average turned positive for the first time in two years. Across January–August, exports rose 1.7% and exceeded 17 billion francs. That cumulative result covers eight months, rather than a completed year.
All material groups grew by value in August: bimetallic watches rose 20.1%, precious metals 6.9% and steel 2.8%. Export volume increased 9.0%, representing an additional 95,000 units. The monthly improvement and the cumulative increase describe different periods, so keep both labels attached when comparing them with the annual results.
Certified Precision in Numbers
COSC reports 2.1 million movements certified in 2025 and 57 million since its creation in 1973. It states that 39% of mechanical watches exported in 2025 were COSC-certified, with over 60 brands certified. Its published testing duration is 12 to 20 days.
These figures give certification a measurable place in the industry. The annual and cumulative figures count movements; the percentage concerns mechanical watch exports. For a reader comparing specifications, retaining those distinctions is more useful than treating every large number as an interchangeable sign of prestige.
The share also has a defined boundary: it concerns mechanical watches exported in 2025. It should not be applied to all watches or read as the percentage of each individual brand's production that received certification.
Geneva's Annual Showcase
Watches and Wonders Geneva ran from 14–20 April 2026. Its announced 2027 edition is scheduled for 5–11 April, with 13 new brands, a presentation concept inspired by Swiss landscapes and an expanded seven-day In The City programme. Artistic crafts, training and education, live demonstrations and hands-on workshops feature in the announcement for newcomers and seasoned collectors.
For collectors, the craft programme offers a different subject from the export tables: how watchmaking is presented and explored. A useful approach is to choose a technique or question to follow through the demonstrations, giving the visit an educational focus.
What It Means for Buyers
Read export figures as a view of exports, rather than a record of purchases by consumers. Keep value separate from volume, annual totals separate from monthly changes, and market shares separate from certification shares. These distinctions help place an individual watch within a wider commercial setting without turning industry statistics into a prediction about its price. Let the figures inform questions about the industry, while the qualities of the timepiece remain the focus of the collecting decision.