US, Hong Kong Drive Record Month for Swiss Watch Exports

Swiss watch exports rose in November to their highest-ever monthly total amid a continued recovery in Hong Kong and strong demand in the US.

Shipments of timepieces climbed 3.1% year on year to CHF 2.5 billion ($2.88 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The increase followed three months of improvement.

“The United States performed well…and posted results close to China and Hong Kong combined,” the federation noted. Meanwhile, Hong Kong “continued on the trajectory of the last 10 months.”

Supply to the US grew 0.9% to CHF 404.4 million ($466.8 million), and exports to Hong Kong jumped 13% to CHF 207.6 million ($239.6 million), as the municipality benefited from the continued resurgence of visitors following the reopening of borders.

Orders to the UK were up 17% at CHF 184.6 million ($213.1 million), and shipments to Japan advanced 12% to CHF 176 million ($203.2 million). Those figures outweighed a 3.7% drop in exports to China for a total of CHF 204.1 million ($235.6 million).

Watches that cost less than CHF 200 ($231) inched up 1.1%, while those priced between CHF 200 and CHF 500 ($577) declined 8%. Timepieces ranging from CHF 500 to CHF 3,000 ($3,463) fell 2.2%. The sharpest increase was in exports of watches priced above CHF 3,000, which saw growth of 5%, the federation noted.

During the first 11 months of the year, Swiss watch exports advanced 8% to CHF 24.6 billion ($28.4 billion).