Watch exports continue to grow in November
Published: Tuesday, Dec 19th 2023, 08:50
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The Swiss watch industry remains on course for growth. Not only were more timepieces exported abroad in November, but also more than ever before at this time of year.
Watch exports rose by 3.1% year-on-year to CHF 2.50 billion, as reported by the Federal Office for Customs and Border Security (FOCBS) and the Federation of the Swiss Watch Industry (FH) on Tuesday. Exports had already increased in the previous months, with particularly strong growth of just over 5 percent in October.
This results in stable growth for the first eleven months of 2023 as a whole. From January to November, watch exports increased by 7.7% compared to the previous year. The growth is comparable to the record development in 2022, when the watch industry recorded total exports of CHF 24.8 billion (+11.4%).
Lower volumes
In terms of the value of goods, the development in the reporting month of November was primarily positively influenced by the strong increase in the categories "Precious metals" (+5.2%) and "Bimetals" (+10.7%), the association continues. However, the value of exports of watches from the "other metals" category (+18.4%) also rose sharply. Meanwhile, the value of steel watches fell by 4.1% compared to the previous year.
On the other hand, sales volumes fell by 1.3% overall. Here too, steel watches lost the most ground (-2.5%), while the number of units sold in the "other materials" segment fell by 1.6% and the volume of "precious metal" watches declined by 2.0%. In contrast, 5.1% more watches made of "other metals" were sold, and 1.2% more watches were sold in the "gold-steel" combination.
Hong Kong strong, China with slight setback
The sector grew significantly in Hong Kong (+12.9%) and Japan (11.9%). In contrast, there was a slight setback of 3.7% in China following the strong increase in the previous month. Exports to Singapore showed a slight increase of 1.1%.
The USA, the largest sales market, recorded moderate growth (+0.9%). Meanwhile, the picture in Europe was mixed: while markets such as the UK (+16.7%) and Germany (+3.9%) grew, exports to France (-2.9%) declined. Meanwhile, the United Arab Emirates grew by 9.5%.
In terms of price categories, the low-cost segments with export prices of less than 200 francs saw a slight upturn (+1.1%). In contrast, the trend for the segment between CHF 200 and CHF 3000 was negative. Exports of expensive watches (over CHF 3,000) grew by 5.0%.
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