India Takes Fifth as China Slips in the H1 2026 Swiss Watch Export Map
Swiss watch exports closed the first half of 2026 at 12.8 billion francs, 0.7% below the same period in 2025. According to the Federation of the Swiss Watch Industry FH, the industry still ships about 95% of production to nearly 200 markets, but the ranking of those markets has shifted more in two years than in the previous decade.
A stable total with a reordered league table
Wristwatch shipments accounted for 12.2 billion francs of the half-year total, down 0.6%. Unit volume moved the other way: more than 7 million watches left Switzerland, an increase of 162,000 pieces, or 2.3%. The FH described the overall result as holding up under geopolitical, tariff and currency pressure rather than expanding.
The United States remained the largest destination. Exports there fell 14.8% versus the first half of 2025, a comparison distorted by a 150% surge in April 2025 after additional tariffs were announced. Measured against 2024, the same market was still 2.6% higher. Demand in the United Kingdom rose 5.8%. Germany, still in a weak economic patch, dropped 10.5%.
| Market or region | H1 2026 vs H1 2025 | Note from FH |
|---|---|---|
| United States | −14.8% | +2.6% versus 2024; April 2025 base effect |
| Mainland China | −5.0% | Now sixth after two years of decline |
| Hong Kong | +3.3% | Offset most of the China contraction |
| India | +31.5% | Moved into fifth place |
| Mexico | +14.9% | Multi-year growth path |
| United Kingdom | +5.8% | Described as a solid market |
| Germany | −10.5% | Continued contraction |
| France | +63.4% | Logistics transit, not domestic demand |
| South Korea | +6.5% | Among firmer Asian markets |
| Middle East (region) | −2.0% | About 10% of Swiss watch exports |
Greater China, India and the Middle East
According to the FH half-year briefing of 21 July 2026, Greater China (mainland plus Hong Kong) had already fallen about 30% over two years before 2026 began. Hong Kong’s 3.3% rebound almost cancelled China’s 5.0% drop in the first six months, leaving Asia’s combined reading roughly flat. Mainland China, still the sector’s second-largest market at the end of 2024, finished the half-year in sixth place.
India recorded the strongest major-market gain at 31.5% and entered fifth place. Mexico added 14.9%. The FH said both remain among the better long-term prospects. Japan eased 1.6%; Singapore rose 2.2%.
The Middle East, which the federation puts at about 10% of Swiss watch exports, declined 2.0% after conflict from late February unsettled a region that had been the industry’s fastest growth pocket. The United Arab Emirates still posted a 1.6% increase. France’s 63.4% jump was attributed to a change in logistics flows for watches later re-exported inside Europe, not to French retail.
Buyers comparing certified sports watches across these markets still rely on factory specs rather than aftermarket claims; the distinction is set out in ISO 6425 diver rules and why most mods cannot claim the standard.
What the federation flagged for the rest of 2026
The FH said full-year 2026 performance is expected to stay relatively stable versus 2025, with unusually high uncertainty around Middle East conditions and any further U.S. tariffs on Switzerland. Retailers remained cautious on restocking. Employment in Swiss production continued a moderate decline.
- Export value, H1 2026: CHF 12.8 billion (−0.7%)
- Wristwatch value: CHF 12.2 billion (−0.6%)
- Units: more than 7 million (+2.3%)
- India: +31.5%, fifth market
- China: −5.0%, sixth market
- United States: still first, −14.8% on a high 2025 base
FAQ
Did Swiss watch exports grow in the first half of 2026? In value, no. According to the FH, they were 0.7% lower at 12.8 billion francs. Unit shipments rose 2.3%.
Why did France post a 63.4% increase? The FH said the figure reflects logistics movements for watches re-exported to other European countries, not a matching rise in French domestic demand.
Is China still a top-two market? Not in the H1 2026 ranking. The federation placed mainland China sixth, after a two-year slide of about 30% for Greater China as a whole.