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Swiss Watches See Highest Growth in Six Years

Apr 25, 2018 7:11 AM   By Rapaport News
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RAPAPORT... Robust demand for steel watches drove Swiss timepiece exports upward in March, closing off the industry’s strongest quarter of growth in six years.

Worldwide shipments of Swiss timepieces climbed 5% year on year to $1.73 billion (CHF 1.7 billion) last month, the Federation of the Swiss Watch Industry reported Tuesday. Exports to Hong Kong jumped 10% to $234.5 million (CHF 230.3 million), while those to the US climbed 4% to $180.3 million (CHF 177 million). Supply to China dropped 7% to $122.5 million (CHF 120.3 million), the first fall in 18 months.

Exports of steel watches soared 7% to $664.1 million (CHF 652.1 million), while gold and steel timepieces showed moderate growth, increasing 3% to $266.6 million (CHF 261.8 million). Shipments of watches made of precious metals remained flat at $509.6 million (CHF 500.4 million).

Globally, lower-priced pieces faltered, with exports of watches worth under $204 (CHF 200) slipping 8% by value in March, while those priced between $204 and $509 (CHF 500) declined 4%. Shipments of higher-priced timepieces fared better, with those that cost between $509 and $3,055 (CHF 3,000) growing 13%, and those over $3,055 gaining 2%.

Total exports for the first quarter jumped 10%, the highest quarterly growth rate since June 2012, the federation said.

Image: Baselworld
Tags: Federation of the Swiss ‎Watch Industry, Rapaport News, Swiss watches
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