Swiss Watch Exports Show Sharp Uptick in June

RAPAPORT… Swiss watch exports exceeded pre-pandemic levels in June amid a recovery in the US and China and strong demand for high-priced timepieces.

Global shipments rose 13% compared to the same month of 2019, reaching CHF 1.96 billion ($2.14 billion), the Federation of the Swiss Watch Industry said Tuesday. Exports jumped 71% year on year, reflecting a favorable comparison with the Covid-19 downturn in June 2020.

“The main contributors to growth were the US and China, which achieved almost double the level recorded in June 2019,” the federation noted. “The increase was led by watches priced at over CHF 500 [$544]…. Remarkably, the growth in watches valued at over CHF 3,000 [$3,263]…was twice the rate recorded for watches priced between CHF 500 and CHF 3,000.”

Supply to the US, the largest market for Swiss watches, grew 35% versus July 2019 to CHF 275.5 million ($299.8 million). China saw a 94% increase to CHF 246.4 million ($268 million), while exports to Hong Kong rose 5% to CHF 208.6 million ($226.9 million). The growth outweighed pandemic-related declines in Japan, the UK, France, Spain and Germany.

Exports of timepieces valued at more than CHF 3,000 jumped 18% in relation to June 2019, while those in the CHF 500 to CHF 3,000 range climbed 10%. Orders of watches that cost CHF 200 ($217) to CHF 500 and those valued under CHF 200 slid 14%.

Total exports for the first half of the year were comparable to those for the same period of 2019, down 0.5% to CHF 10.6 billion ($11.53 billion).

Image: A display of Swiss watches. (Shutterstock)