Swiss watch exports rise 11.7%, a fourth straight monthly gain
September shipments reached CHF 2,225.9m, FH figures show. The US rose 85.7% and France 128.2%, gains FH ties to a base effect and possible trade reallocation, while China fell 14.2%.
By Carat Capital
What changed
A fourth monthly gain. Swiss watch exports rose 11.7% to CHF 2,225.9 million in September, the fourth consecutive monthly rise, FH figures show.
What it means
- If you hold US allocation: Shipments rose 85.7%, and FH puts it down to a favourable base.
- If you sell into China: Exports there fell 14.2%, which FH also blames on the base.
- What this is not: Retail sales. FH counts shipments leaving Switzerland, not watches sold.
Key figures
| Exports, Septemberup 11.7% | CHF 2,225.9m |
|---|---|
| United StatesCHF 292.9m; FH cites a base effect | +85.7% |
| FranceCHF 246.5m; FH urges caution | +128.2% |
| January to Septemberup 2.7% | CHF 19.5bn |
Source: Federation of the Swiss Watch Industry (FH), Swiss watchmaking in September 2026, released 20 October 2026; PDF, 163,791 bytes, text extracted to fh.txt. FH figures are exports, not sales to consumers, and may be revised.
Steel and bimetal led value
Nine months positive. From January to September, exports reached CHF 19.5 billion, up 2.7% on the same months of 2025.
Steel drove volume. Steel watches rose 13.0% in value, to CHF 698.7 million, and 21.5% in units.
Bimetal rose fastest. Gold-steel models gained 29.3% to CHF 418.5 million, while precious-metal watches rose 1.3%.
Sub-CHF 500 watches jumped. Watches priced below CHF 500 at export rose 39.5%, which FH singles out as a particularly sharp increase.
| Market | CHF million | Change | Share |
|---|---|---|---|
| United States | 292.9 | +85.7% | 13.2% |
| France | 246.5 | +128.2% | 11.1% |
| Japan | 177.3 | +12.3% | 8.0% |
| United Kingdom | 164.3 | −5.2% | 7.4% |
| Hong Kong | 160.5 | +3.0% | 7.2% |
| China | 130.1 | −14.2% | 5.8% |
| Six markets | 1,171.6 | +29.5% | 52.6% |
Notes on this table
Carat Capital's division, from FH's levels and changes: US base 292.9 / 1.857 = 157.7, a gain of CHF 135.2m; France base 246.5 / 2.282 = 108.0, a gain of CHF 138.5m; total base 2,225.9 / 1.117 = 1,992.8, a gain of CHF 233.2m. The two markets together added CHF 273.7m, so all other markets shipped CHF 40.5m less: 1,686.5 / 1,727.0 = 0.977, 2.3% below. The sign holds across the rounding of FH's 11.7%.
Two markets carried the month
America swung back. US exports rose 85.7% to CHF 292.9 million. In August they had fallen 19.4%.
France needs caution. France rose 128.2% to CHF 246.5 million. FH says the figure may reflect trade reallocated from other markets in the region.
The rest fell. On our arithmetic, the US and France added about CHF 274 million, more than the CHF 233 million total gain. The other markets shipped about CHF 40 million less.
What to watch
- 19 November 2026FH's October figures, the date its statistics page gives for the next release.
- MonthlyWhether France's rise reverses as EU trade flows settle, which FH says to read with caution.
The story so far
Go deeper
What would change this call
An October in which the US falls back below its 2025 level. Then September was a base effect and nothing more, and the four-month run rests on France.
What FH counts
FH publishes the value and units of watches leaving Switzerland each month, by market, material and export price. These are exports to distributors and subsidiaries, not sales to consumers, and FH says they can be revised. A favourable base means the same month a year earlier was weak, so the percentage flatters the level.
Method
FH, 'Swiss watchmaking in September 2026', fetched 20 October 2026 at https://www.fhs.swiss/scripts/getstat.php?file=comm_260909_a.pdf, 200, 163,791 bytes and extracted with a PDF text extractor to fh.txt. Greps on fh.txt: '2,225.9' 1, '11.7%' 2, 'fourth consecutive' 1, '19.5 billion' 1, '2.7%' 1, '292.9' 1, '85.7%' 2, '246.5' 1, '128.2%' 2, '130.1' 1, '-14.2%' 2, '1,171.6' 1, '698.7' 1, '418.5' 1, '29.3%' 2, '780.1' 1, '39.5%' 1. FH's statistics page, https://www.fhs.swiss/eng/statistics.html, 200, 13,860 bytes, carries '11.7%' 1 and the next release date '11.19.2026' 1. The release prints no day; the 20 October date is FH's published schedule. ARCHIVE, by entity and period: Carat Capital's archive, '2,225.9' 0 rows, '19.5 billion' 0 rows; 'Swiss watch' 'September' 2 rows (a Hublot item and the July print). nine-one-up-nineteen-four-down, opened, covers August (CHF 1,789.2m, +9.1%, US −19.4%). Ours covers August; this covers September. DIFFERENT PERIOD, NEW in the series.