Swiss watch exports dropped 9.5% YoY in May 2025 to 2.094 billion Swiss francs ($2.34 billion), according to the Federation of the Swiss Watch Industry (FH). While exports for the first five months rose 1.1%, the latest figures point to weakening global demand. Declines were led by precious metal (-9.0%), stainless steel (-9.3%), and two-tone (-12.6%) watches. Export volume fell by 13.4%, or 180,000 units, mainly due to a sharp drop in watches made from other materials (-38.4%). The U.S., after surging in April, fell 25.3%, contributing to over 40% of the global drop. Mainland China (-17.4%), Hong Kong (-12.6%), Japan, and the U.K. also declined significantly.