US, Hong Kong Buoy Swiss Watch Exports

RAPAPORT… Swiss watch exports beat pre-pandemic levels in September amid a continued recovery and strong demand in the US and China.

Global shipments rose 3.1% compared to the same month of 2019, reaching CHF 1.88 billion ($2.05 billion), the Federation of the Swiss Watch Industry said Tuesday. Exports climbed 17% year on year, reflecting a favorable comparison with the Covid-19 downturn in September 2020.

“The US and China again saw very strong growth and have been battling for top place since the start of the year,” the federation noted. “Hong Kong and Japan remained on a significant downward trend.”

Supply to the US grew 29% versus September 2019 to CHF 276 million ($300.3 million). China saw a 45% increase to CHF 235.6 million ($256.4 million). That growth outweighed a 20% decline in Hong Kong to CHF 156.6 million ($170.4 million); a 21% dip in orders to Japan; and a drop in exports to Singapore, Germany and Italy.

Shipments of timepieces valued at more than CHF 3,000 ($3,265) rose 6% in relation to September 2019, while those in the CHF 500 ($544) to CHF 3,000 range jumped 7%. Orders of watches that cost CHF 200 ($218) to CHF 500 plunged 24%, and those priced under CHF 200 dropped 6%.

Total exports for the first nine months of the year were relatively comparable to those for the same period of 2019, up 1% to CHF 16.08 billion ($17.5 billion).

Image: A display of Swiss watches. (Shutterstock)