英文消费电子行业：2025年4月瑞士手表出口数据：价值同比增长18-

Asia Pacific Equity Research27 May 2025JPMORGANwww.jpmorganmarkets.comJapan Equity ResearchTechnology - Consumer/Industrial/SPE/PrecisionJunya Ayada AC(81-3) 6736 8631junya.ayada@jpmorgan.comMio Shikanai(81-3) 6736 1313mio.shikanai@jpmorgan.comJPMorgan Securities Japan Co., Ltd.April Swiss watch export data, released by the Federation of the Swiss Watch Industry on May 27, shows that the value of exports in April grew 18% YoY to CHF2.549 billion (volume +7%, average price +11%), up for a second consecutive month. By region, exports to the US were the overall driver, but export value to China and Hong Kong continued to fall YoY. Volume and prices in the high-price range of over CHF3,000 showed the highest growth of all price ranges.•China and Hong Kong continue to weigh down value: By region, exports to the US increased by about 2.5x YoY and drove overall export value. We think this was because shipments were brought forward due to uncertainty over US tariff policy. Exports to China and