Watch exports are heading unperturbed towards a record year
Published: Tuesday, Nov 21st 2023, 08:30
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The Swiss watch industry remains on course for growth. Despite growing economic risks and tensions in the Middle East, more timepieces were once again exported abroad in October compared to the same month last year. The previous year's export record is thus within reach.
In October 2023, watch exports rose by 5.1% year-on-year to CHF 2.39 billion, as announced by the Federal Office for Customs and Border Security (FOCBS) and the Federation of the Swiss Watch Industry (FH) on Tuesday. Exports had already grown by around 4 percent in both September and August.
Looking at the first ten months of the year, this still represents an increase: from January to October, watch exports rose by 8.3% compared to the previous year. There are now many indications that the industry will break the export record of 24.8 billion Swiss francs from the previous year.
Solid growth
The watch industry recorded solid growth, writes the watch association in its press release. Although growth has slowed slightly compared to the strong increase in the first half of the year, the sector is still growing at a high level.
The development in the reporting month of October was positively influenced above all by the strong increase in the categories "Other metals" (+14%) and "Bimetals" (+13%). However, exports of watches made of precious metals (+7.9%) also increased well. Meanwhile, exports of steel watches fell by 2.0% compared to the previous year.
Recovery in China
The industry grew significantly in China (24%) and Hong Kong (+17%). In both cases, the strong growth was also due to the previous year's low levels, which were impacted by the coronavirus pandemic. By contrast, exports to other Asian markets such as Japan (-2.7%) and Singapore (-9.8%) fell.
The USA, the largest sales market, continued to grow well, albeit less strongly than in the past (+5.0%). Meanwhile, the picture in Europe is mixed: while markets such as the UK (+7.7%), France (+6.2%) and Italy (+2.7%) grew, exports to Germany (-12%) and Spain (-2.5%) declined.
In terms of price categories, the low-cost segments with export prices of less than 200 francs and between 200 and 500 francs were on the upswing. Exports in Swiss francs increased by 17 percent and 11 percent respectively. The reason for this is probably the popular Swatch models designed by the luxury brands Omega and Blancpain. Exports of expensive watches (over CHF 3,000) grew by 6.2 percent.
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