Swiss Watch Exports Continue to Grow

Swiss watch exports rose in June, as leading markets showed a sustained improvement.

Outbound timepiece shipments climbed 11% year on year to CHF 2.39 billion ($2.95 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The increase followed last month’s 0.4% rise, the first growth in several months.

“This positive momentum has kept cumulative performance for the last six months on an almost even keel,” the federation said. “The US, Japan and Hong Kong achieved strong growth in June driven by a favorable base effect. Results in France remain broadly unrepresentative of actual demand in this market. The United Kingdom, Singapore and the United Arab Emirates also achieved positive results. Conversely, China…recorded [a] marked fall.”

Exports to the US grew 13% to CHF 349 million ($430.9 million), and those to France were up 104% to CHF 249.6 million ($308.2 million). Supply to the UK rose 12% to CHF 175 million ($216 million), while Japan saw a 9% increase to CHF 169.4 million ($209.1 million). Orders to Hong Kong advanced 7% to CHF 157.9 million ($194.9 million), and shipments to Singapore gained 7% to CHF 154.3 million ($190.5 million).

Timepieces improved in three out of four price categories. Watches valued between CHF 500 ($617) and CHF 3,000 ($3,703) dropped 4.7%. Meanwhile, units under CHF 200 ($245) rose 10% and those ranging from CHF 200 to CHF 500 spiked 54%. Pieces above CHF 3,000 went up 14%.

From January to June of this year, exports slid 0.7% to CHF 12.82 billion ($15.83 billion).

Image: A display of Swiss watches. (Shutterstock)