英文全球奢侈品：4月瑞士手表出口——美国关税一次性提前拉动；大中华区持续疲软

QUICK TAKE27 May 2025Global Luxury GoodsGlobal Luxury Goods: April Swiss watch exports — one-off UStariff pull-forward; Greater China continues to weakenLuca Solca+41 582 723 126luca.solca@bernsteinsg.comYi-Peng Khoo+44 207 676 6822yi-peng.khoo@bernsteinsg.comMaria Meita+44 207 170 0540maria.meita@bernsteinsg.comEric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.comSpecialist SalesAlix Turner+44 207 762 4044alix.turner@bernsteinsg.comSwiss watch exports grew +18.2% YoY in Apr’25, with total sales at 2.5 billion Swissfrancs. The month’s data exhibits a significant pull-forward in exports to the US, whichgrew by +149.2% YoY to 851.9m CHF. Excluding the US, exports would have declinedby -6.4% instead. There was one less Swiss working day in Apr’25. Adjusting for thiswould see exports ex. the US declining by approx. -1% YoY instead.Geographically, export growth was led by the USA (+149.2%), Japan (+1.9%) andthe UK (+1.6%). Excluding the US, Japan and the UK were the only significant exportd