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Swiss Watch Exports Highest Since 2014
Dec 21, 2021 8:02 AM
By Rapaport News
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RAPAPORT... Shipments of Swiss watches reached their highest level in more than seven years amid continued growth in the US and China and a recovery in Europe.
Global shipments climbed 9% in November compared to the same month of 2019, reaching CHF 2.2 billion ($2.35 billion), the Federation of the Swiss Watch Industry said Tuesday. Exports surged 13% year on year.
“This is the best monthly result since the record set in October 2014,” the federation noted. “Despite some significant disparities, growth has continued to accelerate in recent months, again confirming the recovery underway in the sector.”
Supply to the US grew 22% from November 2019 to CHF 301.1 million ($325.7 million). China saw a 35% increase to CHF 239.2 million ($258.7 million). Compared with October, when shipments to Europe fell 6%, this month saw a “very sharp increase,” the federation explained. Exports to the UK jumped 33%, while those to France soared 38%. Orders from the United Arab Emirates skyrocketed 57%. That growth outweighed a 5% decline in Hong Kong to CHF 201.7 million ($218.2 million) and a 7% dip in Japan to CHF 130.8 million ($141.5 million).
Shipments of timepieces valued at more than CHF 3,000 ($3,245) rose 16% in relation to November 2019, while those in the CHF 500 ($541) to CHF 3,000 range slipped 2.3%. Orders of watches that cost CHF 200 ($216) to CHF 500 fell 22%, and those priced under CHF 200 dropped 12%.
Total exports for the first 11 months of the year were up 2.1% compared to the same period of 2019, reaching CHF 20.4 billion ($22.07 billion).
Image: A display of Swiss watches. (Shutterstock)
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Tags:
Federation of the Swiss Watch Industry, Rapaport News, Swiss watch exports, Swiss watches
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