Swiss Watch Exports Spike on Asia Resurgence

Exports of Swiss watches rose in February, driven by the reopening of China and Hong Kong as well as increased demand from all other major markets.

Total shipments rose 12% year on year to CHF 2.24 billion ($2.45 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday.

Orders from the US saw their 25th consecutive month of double-digit increases, advancing 16% to CHF 345.9 million ($377.7 million). Exports to China were up 8% to CHF 253.9 million ($277.2 million), while supply to Hong Kong rebounded 22% to CHF 213.2 million ($232.8 million).

“Watch exports to China revived after four months’ decline and despite a very unfavorable base effect,” the federation explained. “This probably marks a recovery in the Chinese market. This assumption is strengthened by the growth achieved in Hong Kong, suggesting a stabilization, or even an upturn, in the local market. The other main Asian markets also grew.”

Higher-priced timepieces were the most sought after, with those costing more than CHF 3,000 ($3,276) seeing a 14% rise in exports. Those ranging from CHF 500 ($546) to CHF 3,000 also increased 14%. Shipments of watches valued under CHF 200 ($218) grew 12%, while those priced between CHF 200 and CHF 500 slipped 19%.

For the first two months of the year, exports rose 11% to CHF 4.1 billion ($4.47 billion).

Image: A Rolex watch. (Shutterstock)