PARIS – Swiss watch exports fell 3.6 percent in January, weighed down by the impact of tariffs on business in the United States.

The monthly exports totaled 1.9 billion Swiss francs, or $2.46 billion, according to figures published Thursday by the Federation of the Swiss Watch Industry.

The U.S. reverted to negative territory last month, with sales down 14 percent. The federation said in a statement that impacted “heavily on the overall performance.”

In December 2025, Swiss watch exports’ return to growth was thanks to the U.S. and a surprising copilot, France.

“Exports to the [U.S.] experienced significant volatility over [the second half of 2025] as Swiss manufacturers adjusted volumes around tariffs. Onshore retailers are likely working through the tail-end of inventories built up around tariffs, with export data now providing a cleaner read-through to sell-in trends,” Luca Solca, analyst at Bernstein, said in a research note.

Annualized sales figures for the U.S. potentially point to “a consolidation in Swiss watch demand after a roller coaster year,” he added.

On the plus side in January were signs of recovery in Hong Kong and Mainland China, with sales growth of 2.6 percent and 5 percent, respectively. Japan, hampered by an unfavorable base effect, recorded a decline of 7.5 percent, the federation said.

Also entering in the red were Singapore, down 14.3 percent, and the United Kingdom, softening 6.3 percent, while Germany, with minus 16.4 percent, continued its downward trend.

France, registering strong growth of 36.8 percent, maintained the healthy momentum begun in December 2025. That country and the United Arab Emirates, with an 8.1 percent increase, remained among the six leading Swiss watch export markets.

Sales of watches made from precious metals and steel declined 14 percent and 4.5 percent, respectively. The federation said those drops weren’t counterbalanced by the 16.1 percent gain in bimetallic watches.

Bimetallic watches, however, drove overall volumes up 2 percent. That category’s volumes rose 45.1 percent, while those in the other materials segment gained 2.9 percent, outpacing the January 2025 level by almost 23,000 units.

Watches priced at more than 3,000 francs at export were down 8.1 percent, which made a significant dent in overall performance. This was not mitigated by strong growth of sales in watches priced between 500 francs and 3,000 francs that were up 17.7 percent, the federation said.