Swiss Watch Exports Hit Highest Growth in Six Months

Swiss watch exports rose 8% in 2023 amid a recovery in Hong Kong and better-than-expected demand in the US.

Total shipments came to CHF 26.74 billion ($30.97 billion) for the year, the Federation of the Swiss Watch Industry said Tuesday. The increase comes after the border between China and Hong Kong was reopened at the start of 2023. The municipality, which is among the top three markets for luxury timepieces, saw a resurgence in visitors from the mainland, who come to purchase luxury goods, as restrictions eased following a Covid-19 wave.

Supply to Hong Kong grew 23% versus the previous year to CHF 2.36 billion ($2.73 billion), the strongest growth of any region. Meanwhile, exports to the US climbed 7% to CHF 4.16 billion ($4.82 billion), and those to China were up 7% to CHF 2.76 billion ($3.2 billion).

In December, shipments of luxury timepieces gained 5.5% year on year to CHF 2.14 billion ($2.48 billion), the highest increase of any month in the latter half of the year, the federation explained.

“[The year] 2023 ended on a high for Swiss watch exports,” the federation said. “The US performed better than expected, along with Hong Kong, Japan, and the United Arab Emirates [UAE], which rose to fifth place.”

Exports to the US went up 12% to CHF 348 million ($403.2 million), as shipments to Hong Kong advanced 15% to CHF 169.9 million ($196.9 million). Supply to China rose 1.7% to CHF 181.4 million ($210.2 million) and sales to Japan jumped 27% to CHF 157.9 million ($183 million). Those increases outweighed a 12% drop in the UK and a 7% decrease in Singapore.

Timepieces at both the upper and lower ends of the price range performed well. Those valued at less than CHF 200 ($232) improved 13% and pieces above CHF 3,000 ($3,475) rose 9%. Meanwhile, watches priced between CHF 200 and CHF 500 ($579) slid 11%, while ones ranging from CHF 500 to CHF 3,000 slipped 9%.