Reporting shift sends Swiss watch exports to France soaring

Swiss watch exports to France rose 80 percent in the first nine months of 2026, but a change in how at least one major manufacturer declares shipments appears to have distorted the figures, SRF reports.

Official statistics show exports climbed by more than 700 million Swiss francs year on year to nearly 1.7 billion francs. On paper, France has become Switzerland’s second-largest watch market, after the United States.

At the same time, recorded shipments fell 38 percent to Spain, 34 percent to Belgium and 28 percent to the Netherlands. Industry figures say some watches sent to France are later forwarded to other markets. France has long served as a hub for the watch trade, but the recent jump has raised questions.

Some media reports had speculated that companies were building up France as a new distribution hub, possibly to avoid potential US tariffs. But responses to SRF’s inquiries indicate that none of the major manufacturers has established a new distribution centre in France.

SRF found that at least one major Swiss watchmaker recently changed its customs declarations. Instead of listing the final destination, such as Spain, it now lists France, where the goods are temporarily stored and forwarded. This has shifted the export figures, although the reason for the change is unclear.

Customs authorities object to the practice. They say declarations should identify the goods’ final destination, not an intermediate storage point in another country. They expect the statistics could be revised, with shipments again recorded under the country of the end customer, which could reduce France’s ranking.