Swiss Watch Exports Continue Positive Trend

Swiss watch exports continued to grow in July, as the US market recorded strong demand.

Shipments of timepieces rose 10% year on year to CHF 2.63 billion ($3.29 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The increase followed an 11% rise the previous month, making July the third consecutive month of growth since May.

“The US was the main driver of overall performance, despite an unfavorable base effect,” the federation said. “The UK made a significant contribution to the upturn, while Hong Kong and Singapore achieved more moderate growth. Conversely, Japan and China…fell back. Performance in France still does not reflect the actual trend in the market but counterbalanced the decline seen in other markets in the European Union.”

Exports to the US rose 27% to CHF 701.3 million ($881.9 million), and those to France were up 105% to CHF 234.4 million ($294.7 million). Shipments to Japan slipped 3.7% to CHF 162.9 million ($204.8 million), while the UK improved 10% to CHF 161.2 million ($202.7 million). Orders to Hong Kong advanced 0.5% to CHF 153.7 million ($193.3 million) and Singapore increased 2.3% to CHF 150.2 million ($188.9 million).

By value, only timepieces priced between CHF 500 ($629) and CHF 3,000 ($3773) slipped, falling 3.9% Those worth below CHF 200 ($252) advanced 5%, as watches between CHF 200 and CHF 500 jumped 26%, and units above CHF 3,000 gained 12%.

 Exports were up 0.9% to CHF 15.45 billion ($19.43 billion) from January to July.

Image: A display of Swiss watches. (Shutterstock)

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