India Beats China: Swiss Watch Exports Surge 47% In Just Two Years

The May export figures from the Federation of the Swiss Watch Industry (FH) reveal an industry navigating a changing global landscape. Between January and May 2026, Swiss watch exports totalled CHF 10.4 billion, down 3.1% from the same period last year. Yet beneath those headline figures lies a much more intriguing story one that points directly towards India. While established luxury markets such as China, Germany and the Middle East continue to face challenges, India has quietly emerged as one of the strongest-performing destinations for Swiss watches anywhere in the world.
 

The Global Picture: Growth Is Getting Harder
Swiss watch exports reached CHF 10.44 billion between January and May 2026, compared to CHF 10.76 billion in 2025. Export volumes, however, tell a different story. The industry shipped 5.85 million watches during the period, a modest increase of 0.7%. This divergence highlights a trend that has defined Swiss watchmaking for years: brands are selling fewer entry-level products while increasingly relying on higher-value timepieces.

Asia remains the industry's largest region, accounting for 45.2% of global exports worth CHF 4.72 billion. Europe followed with a 30.7% share and CHF 3.2 billion in exports, while the Americas accounted for 21.7% of global value. Yet regional performance varied dramatically. Africa was the standout performer, with export values rising an impressive 34.6%. Europe grew 1.6%, while Oceania gained 1.3%. Asia slipped 0.8%, and the Americas recorded the sharpest decline among major regions, falling 13.9%.

 

America Still Dominates
Despite a correction from the extraordinary levels seen in previous years, the United States remains the undisputed leader of Swiss watch exports. Between January and May 2026, exports to the US reached CHF 1.83 billion, making it comfortably the world's largest market. However, that figure was down 18.5% compared with the same period in 2025, highlighting how difficult it is to sustain growth after several years of exceptional demand. The US alone still imports more Swiss watches than France, Hong Kong and Japan individually.
France's Surprise Rise
One of the year's biggest surprises is France. Exports to France jumped 53.9% to CHF 789.9 million, making it the second-largest market globally ahead of Hong Kong, Japan and China. According to the FH, much of this growth has been driven by France's increasing importance as a logistics hub since late 2025.

China's Luxury Slowdown Continues
The data also confirms what many brands have already been experiencing on the ground: China's recovery remains fragile. Exports to China declined 2.2% year-on-year to CHF 704.8 million and are down a staggering 24.8% compared to 2024 levels. Hong Kong, meanwhile, appears to be stabilising. Exports rose 2.7% to CHF 749 million, suggesting tentative signs of recovery after several difficult years. Japan, another traditionally strong market, slipped 3.7% to CHF 746.9 million.
 

India's Extraordinary Rise
The most remarkable story, however, belongs to India. Swiss watch exports to India reached CHF 138.4 million in the first five months of 2026, a 32.7% increase over 2025. Even more impressive is the longer-term picture. Compared to 2024, exports to India have surged 46.9%. Among the top 30 export markets, only France recorded stronger growth year-on-year. Unlike France's logistics-driven rise, India's growth reflects genuine consumer demand.

India has now overtaken several mature luxury markets and ranks as the 15th-largest destination for Swiss watches globally. The country's performance far outpaces that of China (-2.2%), Germany (-10.5%), Spain (-34.2%), Saudi Arabia (-9.8%), Qatar (-17.4%) and Belgium (-25%). The numbers suggest that India's luxury watch market is moving beyond potential and becoming a meaningful contributor to Swiss watch exports.
The May 2026 figures further illustrate how consumer behaviour is evolving. Watches with export prices above CHF 3,000 recorded value growth of 3.7%, continuing the industry's premiumisation trend. Meanwhile, the mid-market segment between CHF 500 and CHF 3,000 declined sharply by 17.2%. Interestingly, watches priced between CHF 200 and CHF 500 surged 23.6%, suggesting renewed momentum at more accessible luxury price points.
 

Steel Struggles, Bimetal Booms
Material trends reveal another shift. Steel watches, traditionally the backbone of the industry, saw export values fall 5.4%, while volumes declined 9.6%. Precious-metal watches also softened, dropping 7.2% in value. The biggest winner was the gold-and-steel category, where exports surged 34%. Bimetal watches generated CHF 408 million in May alone, underlining growing demand for products that offer a luxury look without entering full precious-metal territory.
 

What It Means For Brands
The latest FH figures paint a picture of an industry in transition. Growth is becoming increasingly concentrated at the top end of the market. China remains unpredictable. The United States remains indispensable but is cooling from extraordinary highs. Against that backdrop, India's rise stands out.
With exports climbing nearly 47% in just two years and growth vastly outpacing most established luxury markets, India is rapidly becoming one of the most important opportunities in global watchmaking. For Swiss brands looking beyond the traditional centres of luxury consumption, the message from the numbers is clear: the next chapter of growth may well be written in India.