After a brief sign of relief in December, Swiss watch exports have slumped yet again.

Timepieces leaving the country fell dropped by 3.6 percent year-over-year in January, totaling around $2.5 billion (1.9 billion Swiss francs), according to the Federation of the Swiss Watch Industry’s new report. That downfall continues a trend of decline for the sector, which had a slight reprieve in the last month of 2025, Bloomberg reported, thanks to the U.S.’s reduction of its tariffs on Switzerland to just 15 percent, down from the previous 39 percent levy.

The decline was also lead by a 14 percent contraction in exports of watches made from precious metals, the report said. Steel timepieces, too, saw a drop of 4.5 percent over the month, while watches that held an export price of over 3,000 Swiss francs (about $3,900) dipped by 8.1 percent.

In particular, the U.S. saw the most struggles in January, with Swiss watch exports heading to its biggest market sinking by 14 percent. (In December, meanwhile, the country experienced a 19 percent increase in timepieces from Switzerland.) Japan also saw struggles, with a 7.5 percent decline in Swiss watches. Hong Kong, China, and the U.A.E. saw an increase of 2.6 percent, 5.0 percent, and 8.1 percent, respectively. France, meanwhile, built upon the surge that it started in December, with Swiss watch exports headed to the nation increasing by a whopping 36.8 percent; in the last month of 2025, European country saw the number of Swiss timepieces entering its borders skyrocket by 50.9 percent.

As we’ve mentioned, the Swiss watch industry has had quite the difficult time that last few months. That 15 percent U.S. tariff, which was retroactively applied in November, was slight alleviated the burden for December in a blip, but the sector at large had seen a decline in August, September, October, and November of 2025. And with the prices of gold rapidly rising and global inflation, there may be more struggles for Swiss watches yet on the horizon. Hopefully, though, we’ll see an increase in exports once February’s figures are released next month.