According to data released yesterday by the Federation of the Swiss Watch Industry, Swiss watch exports rose 18.2% YoY in April, reaching 2.5 billion Swiss francs ($3.05 billion). Exports to the U.S. accounted for 33% of the total, soaring 149% to 850 million Swiss francs ($1.04 billion), roughly one-fifth of last year’s total Swiss watch exports to the U.S. However, the federation noted this sharp increase was largely a one-off reaction to tariff uncertainty rather than a sign of structurally stronger demand. Excluding the U.S. surge, exports would have declined 6.4%, weighed down by weak performance in mainland China and Hong Kong, where exports fell 30.5% and 22.8%, respectively. Britain and Japan saw modest single-digit growth, while Singapore declined 9.2%. By material, steel watches led the gains with an 18.9% increase.