Swiss Watch Exports Slip in US and China, Climb in Korea and India

Swiss watch exports to the United States fell 8.3% in the first eight months of 2026 to 3.078 billion Swiss francs, while shipments to China dropped 4.8%. Meanwhile, South Korea grew 3.8% and India surged 31.7%.

The shift shows that the growth base of the Swiss watch industry is changing by region, as the world's largest market and the long-time driver of luxury demand both cooled.

Divergent Signals From Export Data and Company Results

Even as exports to the US declined, some big luxury groups posted strong local sales. Richemont, the owner of Vacheron Constantin, reported that its Americas sales for April to June 2026 rose 27% at constant exchange rates. Jewelry houses such as Cartier and Van Cleef & Arpels sold well, and the specialist watchmaking division also kept growing.

In China, Hong Kong and Macau combined, Richemont's sales also increased over the same period. Its specialist watchmaking division, however, declined in that region.

These numbers are not directly comparable. Export statistics and retail sales are counted at different points and with different scopes. Volumes that manufacturers supply to overseas distribution networks, inventory held by local retailers and the timing of actual consumer purchases may not line up. Richemont's Americas figure also covers jewelry and fashion and accessories, not only watches. Distribution structure, product mix, exchange rates and regional definitions all contribute to the gap between trade data and corporate earnings.

Why It Matters

Weaker shipments to the US and China, alongside gains in Korea and India, suggest Asia beyond China is becoming a more important growth pillar for Swiss watchmakers. It also shows that export statistics alone cannot tell the full story of luxury demand.

Read the original article in Korean: K trendy NEWS