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Türkiye's luxury watch imports from Switzerland were recorded at 209.6 million Swiss francs ($263.87 million) in the first eight months of 2025, an 8.7% increase from the same period in 2024, according to the Federation of the Swiss Watch Industry.
The rise reflects growing demand among affluent consumers. They increasingly see high-end timepieces as both status symbols and stores of value in an inflationary environment, helped by a zero-tariff advantage under the free trade agreement.
With the recent increase, Türkiye moved up one place in the Swiss export rankings, overtaking Mexico to become the 17th largest market.
The United States remained the leading destination with 3.36 billion Swiss francs in imports, up 18.6% from last year, followed by Japan at 1.21 billion francs and China at 1.17 billion, though China recorded a steep 19.3% decline.
Among European buyers, the United Kingdom and Germany both saw small contractions, while France’s imports slipped 4.9%.
In contrast, Saudi Arabia rose 9.5% to 233.2 million francs, and Spain increased 8.9% to 329.7 million.
Canada and Italy held steady, while Thailand dropped nearly 20%.
These contractions were also reflected in overall Swiss watch exports, which shrank 1% compared with the same period in 2024.
Luxury demand in Türkiye is concentrated in five Swiss brands, with Rolex accounting for about 30% of high-end watch imports, while Cartier appeals to buyers with jewelry-integrated designs.
Omega’s Speedmaster and Seamaster series continue to grow in popularity, while Audemars Piguet draws collectors and Patek Philippe attracts buyers seeking investment assets.
Together, these brands account for 60–70% of Türkiye’s Swiss watch imports, according to business-focused dunya.com.
Türkiye currently applies a general 4% customs duty on imported watches but exempts Switzerland under its free trade agreement, while a 2024 parliamentary proposal to introduce a 20% special consumption tax (SCT) on watches priced above ₺5,000 ($120.6) remains pending.
If enacted, analysts expect retail prices to rise by as much as 25%, though they also note that strong demand is likely to continue.
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In 2024, Türkiye imported 293.5 million Swiss francs worth of Swiss watches, while Morgan Stanley’s 2024 report showed that the global luxury watch market grew by 10%, compared with 24% growth in Türkiye.
Türkiye’s total watch imports reached $347.3 million in 2024, marking nearly a threefold increase since 2020, with Swiss watches accounting for about 63% of the total.
China followed with $100 million (29%), while Japan supplied $12.6 million, the Philippines $10.4 million, and Thailand $2.8 million.
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