Total shipments grew 14% year on year to CHF 2.39 billion ($2.6 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday.
Orders from Hong Kong jumped 62% to CHF 265.2 million ($289.6 million), while supply to China advanced 14% to CHF 259.2 million ($283 million). Exports to the US rose 8% to CHF 364.2 million ($397.7 million), reflecting more than two years of consecutive monthly improvements. However, the rate of increase has been losing momentum.
“The steady growth in watch exports seen since the start of the year strengthened further in March,” the federation noted. “The increase in…exports to the US, which has been constant for the last 27 months, continued to lose momentum, from a very high base. Hong Kong clearly benefited from the reopening of the market, recording a sharp acceleration during the first quarter. China has also seen its situation improve significantly since the start of the year.”
Lower-priced timepieces made a comeback after months of decreases, with those costing under CHF 200 ($218) recording a 39% rise in exports. Those ranging from CHF 200 to CHF 500 ($546) experienced the smallest growth, up 2.7%, while watches valued at CHF 500 to CHF 3,000 ($3,276) gained 20%. Shipments of timepieces priced over CHF 3,000 increased 13%.
During the first quarter, exports rose 12% year on year to CHF 6.48 billion ($7.08 billion).
Image: A display of Swiss watches. (Shutterstock)