Swiss Watch Exports Reach Seven-Year High

RAPAPORT… Swiss watch exports surged in October to their highest monthly total in seven years amid growing demand from the US and China.

Global shipments rose 4.8% compared to the same month of 2019, reaching CHF 2.13 billion ($2.29 billion), the Federation of the Swiss Watch Industry said last week. Exports climbed 13% year on year, reflecting a favorable comparison with the Covid-19 downturn in October 2020.

“The US and China again grew strongly and continued to lead the field in October,” the federation noted.

Supply to the US jumped 36% versus October 2019 to CHF 309.1 million ($333.1 million), while China saw a 23% increase to CHF 268.8 million ($289.7 million). Those positive figures outweighed a 10% decline in Hong Kong, which remained on a “sharp downward trend” amid orders of CHF 173 million ($186.4 million) for the month. Exports to Europe dipped 6%.

Shipments of timepieces valued at more than CHF 3,000 ($3,233) increased 15% in relation to October 2019. Exports in the CHF 500 ($539) to CHF 3,000 range slipped 10%, while those that cost CHF 200 ($216) to CHF 500 dropped 30%. Orders of watches priced under CHF 200 slid 12%.

Total exports for the first 10 months of the year rose 1.4% versus the same period of 2019, reaching CHF 18.21 billion ($19.62 billion).

Image: A display of Swiss watches. (Shutterstock)