Swiss watch exports returned to expansion in February, the Federation of the Swiss Watch Industry (FH) reported on Thursday, as demand strengthened in several core markets. Total exports were recorded at 2.2 billion Swiss francs, representing a 9.2% increase compared with February 2025.
The FH highlighted that a rebound in the United States contributed materially to the improvement. Exports to the U.S. increased 26.8% in February in value terms compared with the same month a year earlier, reversing a period of volatility that the industry had described as see-sawing amid President Donald Trump’s trade war.
Japan and France were also cited as drivers of the uptick. Exports to France jumped 57.1% on the year, which lifted France into the position of the third largest market by value. The FH noted that France is likely being used more frequently as a point of transit to other locations, which helps explain the sharp rise in its recorded inbound shipments.
Other hubs showed modest gains. The United Arab Emirates and Singapore both received slightly more Swiss watches in February than in the comparable month last year, according to the FH data.
On geopolitical influences, the FH said that the effects of the Iran war have not yet manifested themselves in Swiss watch export figures. The statement signals an absence, for now, of measurable disruption from that conflict on February trade flows.
For reference, the FH's release included the currency conversion used in reporting: $1 = 0.7935 Swiss francs.
Summary
Swiss watch exports rose to 2.2 billion francs in February, up 9.2% year-on-year, with notable growth in the United States, Japan and France. France's increase appears linked to its use as a transit point. The Federation of the Swiss Watch Industry reported that effects from the Iran war have not yet shown up in the data.