Swiss watch exports declined in March, signalling a difficult period after a mixed start to the year. Asian markets recorded significant declines, while exports to the USA and major European countries also fell. This trend reflects the continuing challenges faced by the Swiss watchmaking industry, despite a period of recovery following the restrictions imposed by the Covid-19 pandemic.
After a fragile start to the year, Swiss watch exports do not seem to be recovering. They recorded a sharp 16.1% year-on-year drop in March, totaling 2 billion Swiss francs (around 2 billion euros), according to data published Thursday April 18 by the Federation of the Swiss Watch Industry.
One of the most notable declines concerned exports to China, which plummeted by 41.5% compared to March 2023, returning to “a level below that of March 2020, when the industry had virtually ground to a halt in the middle of the month due to the Covid pandemic”.
This trend was also observed in Hong Kong, with a fall of 44.2%, and in Singapore, with a drop of 14.8%.
In addition to the Asian markets, Swiss watch exports also saw significant declines to other key destinations. In the USA, the market considered to be the engine of post-Covid growth in 2021, exports fell by 6.5%.
In Europe, the main markets also recorded declines, with withdrawals of 13.2% to the UK, 13.1% to Germany and 11.9% to France.
Significant drop in exports
Steel watches suffered the biggest drop in value, down 28.2% to 642.3 million Swiss francs (661.5 million euros), followed by precious metal timepieces, down 11.6% to 696.9 million Swiss francs (717.8 million euros).
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Read also>THE SWISS WATCH EXPORTS DECREASING IN FEBRUARY
Featured photo : © Omega
