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High-End Watches Drive Export Growth

Jul 26, 2018 7:00 AM   By Rapaport News
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RAPAPORT... Swiss-watch exports grew 12% in June amid an upturn in demand for higher-priced products.

Global shipments of Swiss timepieces came to $1.95 billion (CHF 1.94 billion) for the month, the Federation of the Swiss Watch Industry reported last week.

Exports of watches with a wholesale price above $3,024 (CHF 3,000) saw the strongest growth, climbing 17%. Shipments of timepieces valued between $504 (CHF 500) and $3,024 increased 9%.

“Exports rose strongly in June, improving on the average figure reported in previous months,” the federation noted. As a result, first-half shipments exceeded the $10.08 billion (CHF 10 billion) mark, which has not happened since 2015, it added.

Demand for lower-priced goods weakened, with exports of watches priced under $504 seeing a substantial downturn, the federation said. Shipments of pieces under $202 (CHF 200) slid 10%, while those priced between $202 and $504 dropped 6%.

Watches containing gold and steel remained popular, with exports up 18% to $302.6 million (CHF 300.2 million), while supply of precious-metal timepieces climbed 12% to $625.4 million (CHF 620.4 million). Those increases slightly outweighed a decline in shipments of watches from metals other than precious ones or steel, which dropped 3% to $91.4 million (CHF 90.7 million). Exports of timepieces made from materials other than metal rose 24% to $54.3 million (CHF 53.9 million).

Total exports to Hong Kong jumped 39% to $272.5 million (CHF 270.3 million), while supply to China rose 4% to $124.9 million (CHF 123.9 million), a slowdown compared with the 6% increase the market saw in May. Shipments to the US grew 6% to $190.9 million (CHF 189.4 million). Exports to France saw the strongest growth out of the major markets, jumping 41% to $131 million (CHF 130 million).

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