Swiss Watch Exports data: May: Exports flat at 0.4% with significant decline in China

研报英文原文证据摘录

Swiss Watch Exports data: May: Exports flat at 0.4% with significant decline in China

Equity Research

18 June 2026

Swiss Watch Exports data

May: Exports flat at 0.4% with

significant decline in China

Swiss Watch Exports flattish at 0.4% y/y in May, with total European Luxury Goods & Specialty Retail

exports increasing to CHF 2,105bn, on comps of -9.4% NEUTRAL

previous year and -16.6% last month. Exports to China European Luxury Goods & Specialty

Retail

declined sharply, down -21.4%. Carole Madjo

+44 (0)20 3134 3168

carole.madjo@barclays.com

Swiss Watch Exports were flat at 0.4% y/y in May, still affected by tariff-disrupted comps base in

Barclays, UK

previous periods (May '25 at -9.4%) after falling -16.6% y/y in April, reaching a total monthly

value of CHF 2,105bn. Growth coming from the US market up +12.3% was offset by the decline in Viktoria Petrova

+49 (0)69 7161 1052China, which was down -21.4% y/y. Working days in May 2026 were 22, compared to 21 in May

viktoria.petrova@barclays.com

2025. Adjusting for the different working days, May 2026 would have been down -4.6%.

BBI, Frankfurt

Trends by region: China significantly dragging exports down among key markets Filippo Croce

By region, the US remained the largest export market in May (accounting for c.14.3% of all +44 (0)20 3555 2994

exports) and exhibited growth of 12.3% y/y on a tariff disrupted easier comps base (-25.2% filippo.croce1@barclays.com

May-25). Barclays, UK

UK Mid & Small Cap Leisure/ConsumerFrance was the second-largest export market in May (accounting for c.9.1% of all exports), and

Richard Taylor

continued to post unusually high growth, up c.+57.0% y/y. This probably has to do with the

+44 (0)20 3555 2650

continued trend of re-exports to other destinations, as flagged by the FHS itself.