RAPAPORT... Swiss watch exports continued their positive streak in July, defying inflation and geopolitical factors to reach the highest monthly total since October 2014.
Outbound shipments rose 8% year on year to CHF 2.22 billion ($2.32 billion) for the month, according to data the Federation of the Swiss Watch Industry released Thursday.
Following a trend seen in the past couple of years, much of the demand came from high-end pieces, the federation reported. Exports of watches priced at more than CHF 500 ($524), which accounted for over a third of volume and almost 95% of turnover, gained 10% by value. The supply of watches worth less than CHF 200 ($210) advanced 5%, making July the sixth positive month of the year. Meanwhile, the category between those two values fell 29%, continuing a significant downward trend that has persisted almost uninterrupted since early 2020.
The US continued to lead the market in July, with exports to the country rising 14% to CHF 323.3 million ($338.8 million) — though growth has been slowing since June, the federation said. China, which is now reopening after its strict pandemic lockdown, saw shipments climb 18% to CHF 315.2 million ($330.3 million).
Singapore and the UK experienced double-digit increases, while orders from Hong Kong and Japan fell.
Image: The performance of the top six markets for Swiss Watches in July. (Federation of the Swiss Watch Industry)
|
|
|
|
|