Swiss watch exports continued their positive streak, thanks to strong demand for the product in the US.
Timepiece shipments climbed 12% year on year to CHF 2.23 billion ($2.7 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The increase followed a 9% rise in the previous month.
“Driven by a favorable base effect, exports to the United States rose sharply,” the federation said. “Japan and Hong Kong also registered gains, whereas most other top 10 markets saw a decline. Most notably, China and the United Kingdom suffered from an unfavorable base effect. The exceptional numbers seen in France may well reflect trade-flow reallocations between markets, to the detriment of other countries in the region.”
Exports to the US jumped 86% to CHF 292.9 million ($355.2 million), and those to France soared 128% to CHF 246.5 million ($298.9 million). Orders to Japan advanced 12% to CHF 177.3 million ($215 million). Shipments to the UK slipped 5% to CHF 164.3 million ($199.3 million), while those to Hong Kong increased 3% to CHF 160.5 million ($194.6 million), and units to China dropped 14% to CHF 130.1 million ($157.8 million).
By value, timepieces improved in all four categories. Watches under CHF 200 ($243) rose 30%, while those between CHF 200 and CHF 500 ($606) spiked 52%. Units from CHF 500 to CHF 3,000 ($3,639) increased 12% and ones priced above CHF 3,000 climbed 10%.
Exports were up 2.7% to CHF 19.47 billion ($23.61 billion) from January to September.
Image: A display of Swiss watches. (Shutterstock)
