Swiss watch exports rose 18.2% year-on-year to CHF 2.5 billion in April 2025, driven by a 149.2% jump in US shipments ahead of anticipated tariff increases. Without that exceptional boost, exports would have fallen 6.4%. China and Hong Kong declined 30.5% and 22.8%, respectively, while year-to-date exports increased 4.0%.
Why it matters (interpretation): This suggests the export rebound reflects accelerated shipments rather than stronger underlying demand, masking continued weakness in key Asian markets.