Field notes · Watches · 20 October 2026
Swiss watch exports count watches shipped, not watches sold
The Swiss watch federation's September release shows more watches leaving Switzerland, led by steel and lower-priced pieces. An export count says where stock was sent. It says nothing about any one watch.
In brief
On 20 October 2026 the Federation of the Swiss Watch Industry (FH) reported September exports of CHF 2.23 billion, up 11.7% on a year earlier. It was the fourth month of growth in a row. Over nine months they reached CHF 19.5 billion, up 2.7%. Wristwatch units rose 19.9% while their value rose 11.6%, so the extra volume came mostly in cheaper pieces. Steel watches rose 21.5% in units. Precious-metal watches fell 1.0% in units and rose 1.3% in value. Exports to the United States rose 85.7%, which FH puts down to a weak month a year earlier. China fell 14.2%. FH says France's 128.2% rise may reflect goods routed through France to other European markets.
The figure turns on what an export is. FH says its data refer to "exports data and not to sales to end-consumers". A watch shipped to a market can sit in a shop, a warehouse or a dealer's case. The release does not cover pre-owned watches at all. Borrowing costs bear on anyone holding stock: the 10-year Treasury yield stood at 5.15% on 19 October 2026, US Treasury data show, after the Federal Reserve raised its target range to 3.75% to 4% on 16 September.
What it turns on
- Shipments, not sales. FH counts watches leaving Switzerland by declared export price. Retail sales to shoppers and the pre-owned market are outside the release.
- Volume rose faster than value. Units rose 19.9% and value 11.6%. Steel and pieces under CHF 500 led. Precious-metal watches were nearly flat.
- Country lines can move with routing. FH itself says France's rise may reflect where goods were sent through, and the US rise is set against a weak September 2025.
What we do about it
- 01Read the serial on the watch. Record the case serial and reference as engraved, with photographs. Match them to the papers, not to a listing.
- 02Match papers to the case. The maker's card, dealer, date and serial agree with each other and with the case. A gap is written down as a gap.
- 03Keep the service history. Each service is a change of hands. Note who serviced it, when, and which parts were replaced.
- 04Date every hand-off. Who held the watch, where, and from when to when. Photographs at each hand-off, kept with the serial.
Check it yourself
Tell us what you need held, or proven. Write to hello@brich.house