US Rebound Drives Swiss Watch Exports

Swiss watch exports rose in December, with the US spearheading the recovery amid adjustments to import tariffs.

Shipments of timepieces grew 3.3% year on year to CHF 2.1 billion ($2.74 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The positive result followed four months of downturn, the federation pointed out.

“Watch exports to the United States grew strongly following the recent reduction in US trade tariffs, contributing significantly to the overall result,” it said. “France also achieved spectacular growth, reversing the negative trend seen to date. Conversely, Hong Kong, China, Japan, the United Arab Emirates (UAE), Germany and Italy declined by varying degrees. Singapore and the United Kingdom continued to grow steadily.”

Exports to the US jumped 19% to CHF 412 million ($537.4 million) for the month, while shipments to France spiked 51% to CHF 153.9 million ($200.7 million). Meanwhile, supply to Hong Kong dropped 8% to CHF 146.5 million ($191.1 million), as China saw a 7% decline to CHF 140.9 million ($183.8 million). Orders from Japan slipped 1.9% to CHF 135.3 million ($176.4 million), and those from the UAE decreased 5% to 128.8 million ($167.9 million).

Timepieces in all price ranges increased. Units valued below CHF 200 ($261) were up 4.4%, while those priced between CHF 200 and CHF 500 ($652) climbed 21%. Watches that cost between CHF 500 to CHF 3,000 ($3,910) gained 7%, and pieces over CHF 3,000 increased 2.1%.

Shipments for the full year fell 1.7% to CHF 25.55 billion ($33.29 billion).

Image: Luxury watches in a showcase at a Wempe shop on Fifth Avenue, New York. (Shutterstock)