RAPAPORT… Swiss watch exports rose strongly in January as US demand supported the sector amid a downturn in orders from China.
Global shipments increased 7% year on year to CHF 1.7 billion ($1.85 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The improvement also reflected a favorable comparison with the sluggishness the industry suffered a year earlier, when figures for the US and Hong Kong were weak.
“The base effect created by the result achieved in the two main markets in January 2021 played a significant role in the change seen 12 months later,” the federation explained.
In January 2022, supply to the American market jumped 38% to CHF 252.3 million ($274 million). This outweighed a 12% drop in exports to China — which saw its first year-on-year decline since the start of the Covid-19 crisis — and a 10% fall in shipments to Hong Kong.
Three-quarters of the overall growth came from steel watches, the organization pointed out. The total number of timepieces shipped grew for the first time since July 2018, it added.
Image: A watchmaker at work. (Shutterstock)
Swiss Watch Market Grows as US Demand Persists
The Bottom Line
- Swiss watch exports increased 7% year-over-year to CHF 1.7 billion ($1.85 billion) in January.
- US shipments surged 38% to CHF 252.3 million ($274 million), offsetting a 12% decline in China and a 10% drop in Hong Kong.
- Steel watches accounted for 75% of the growth, with total shipments rising for the first time since July 2018.
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