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Swiss Watch Exports Clock Near-Record High
Oct 20, 2022 7:07 AM
By Leah Meirovich
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RAPAPORT... Shipments of Swiss watches rose 19% year on year in September, achieving one of the highest totals in history amid increased US demand.
Total exports for the month came to CHF 2.24 billion ($2.23 billion), the Federation of the Swiss Watch Industry reported Thursday.
Supply to the US, the sector’s largest market, grew 33% to CHF 367.8 million ($366 million), while orders to China climbed 15% to CHF 271.1 million ($269.8 million). Both the UK and Japan saw a sharp uptick in orders, surpassing Hong Kong to become the third- and fourth-largest markets. The UK experienced an 18% jump to CHF 163.5 million ($162.7 million), while Japan spiked 34% to CHF 156 million ($155.2 million).
“Swiss watch exports grew particularly strongly in September, [achieving] one of the highest values in their history,” the federation noted. “The main markets...all saw a sharp increase, except for Hong Kong…. The strongest growth was in the United States, Japan, Singapore and the United Arab Emirates [UAE].”
Shipments to Hong Kong slipped 2.8% to CHF 152.2 million ($151.5 million). That decline was gentler than the average 8% decrease the municipality has seen over the last few months, the federation noted. Meanwhile, orders to Singapore advanced 39% and were up 36% to the UAE.
Watches priced over CHF 3,000 ($2,987) were in highest demand, growing 24%, while those priced between CHF 500 ($498) and CHF 3,000 gained 18%. Supply of timepieces valued between CHF 200 ($199) and CHF 500 dropped 21%. Those priced under CHF 200 advanced 6%.
In the first nine months of the year, Swiss watch exports improved 13% to CHF 18.1 billion ($18 billion).
Image: A Swiss-watch display. (Shutterstock)
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Tags:
Federation of the Swiss Watch Industry, Leah Meirovich, Swiss watch exports, Swiss watches
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