Rebounds in US and China Lift Swiss Watch Exports

Swiss watch exports rose sharply in May as the US market rallied and China continued to recover.

Shipments of timepieces climbed 14% year on year to CHF 2.34 billion ($2.61 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The increase marked the fifth straight month of growth this year.

“Swiss watch exports grew at a particularly strong pace in May,” the organization said. “The five-month trend remains very positive across the board.”

Supply to the US jumped 10% to CHF 359.4 million ($400.9 million) following a 4.9% decline in April. Shipments to China surged 158% to CHF 237.4 million ($264.9 million), benefiting from a favorable comparison with the same month a year ago, when Shanghai was in lockdown. Exports to Hong Kong “recovered rapidly” as tourists returned, up 19% to CHF 227 million ($253.3 million). Those rises outweighed a “significant decline” of 22% in orders from South Korea, the federation noted.

Watches priced under CHF 200 ($223) saw the most improvement, soaring 27% year on year. Items worth between CHF 500 ($558) and CHF 3,000 ($3,349) gained 15%, as did the CHF 3,000-plus category. Exports of timepieces valued from CHF 200 to CHF 500 slipped 3.7%.

During the January-to-May period, Swiss watch exports advanced 11% year on year to CHF 10.88 billion ($12.15 billion).

Image: A display of Swiss watches. (Shutterstock)