Watch exports recover in April
Published: Thursday, May 30th 2024, 08:50
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Swiss watch manufacturers exported more abroad in April following the previous decline. Orders from the USA, the largest sales market, increased in particular, while China continued to weaken.
In April, Swiss watch exports rose by 4.5 percent year-on-year to CHF 2.15 billion, as reported by the Federal Office for Customs and Border Security (FOCBS) and the Federation of the Swiss Watch Industry (FH) on Thursday.
The industry has thus recovered after a few setbacks. Exports shrank by 16% in March, following a decline of just under 4% in February. After four months, the watch export statistics show a decline of 2.6 percent to 8.32 billion Swiss francs.
Brisk business in the USA
In the reporting month of April, business for Rolex, Omega and Co. was boosted in particular by strong US demand for Swiss watches. In what is by far the largest sales market for the industry, exports climbed by 12% to 338.7 million Swiss francs after a rather difficult year to date.
Rising sales figures were also recorded in larger markets such as Japan (+14%), Singapore (+13%) and the United Arab Emirates (+13%). More timepieces were also exported to European countries such as the UK (+4.6%), Germany (+8.9%) and Italy (+5.3%).
Decline to China
In contrast, business in China (-7.5%) continues to develop sluggishly, following significant double-digit declines in exports to the "Middle Kingdom" in February and March. In the wake of the economic slowdown, Chinese consumers have become more reluctant to buy luxury goods. Exports to Hong Kong, on the other hand, remained at the previous year's level.
In terms of price categories, only expensive watches with an export price of over CHF 3,000 were in demand, with a 7.8% increase in value. Exports fell in the remaining segments. The decline was more pronounced in the price category of CHF 500 to CHF 3000 (-10%) than in the cheapest segment (less than CHF 500), where exports fell by 1.2%.
©Keystone/SDA
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