Swiss watch exports to U.S. drop sharply
In September, Swiss watch exports to the U.S. decreased by 55.6 percent, Azernews reports citing the Swiss Watchmakers Federation.
In August, exports had already declined by 23.9%. The reason for the drop is the 39% additional tariff imposed by Washington on Swiss watch imports starting from August.
Before the new tariffs took effect, Swiss watchmakers managed to build up large stocks in the U.S. market. In April, exports to the U.S. had surged by 149%.
In September, Swiss watch exports to the UK, China, Singapore, and South Korea saw noticeable increases, while exports to Germany, France, and Italy declined.
Overall, in September, Switzerland exported watches worth 2 billion Swiss francs (4.2 billion AZN), which represents a 3.1% increase compared to the previous month.
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