Swiss watch exports up in August

In August, Swiss watch exports recorded a further increase, resuming growth after the slight decline in July. This upturn was mainly driven by the United States, while shipments to China fell sharply.

 

A breath of fresh air for the Swiss watch industry. In August, exports of Swiss watches rose by 4% to 1.8 billion Swiss francs. Between January and August, shipments rose by 9.2%, totaling 17.3 billion Swiss francs, as reported in a press release from the Fédération horlogère suisse (FH).

 

“This development confirms the normalization of growth expected in the second half of the year, which should lead the industry towards a less sustained but still significant increase compared to 2022,” commented the Federation.

 

The United States, the main destination for Swiss watches, recorded an increase of 13.5% to 297.8 million Swiss francs.

 

By contrast, exports to China, the second most important destination, fell by 27.3% to 190.2 million Swiss francs, continuing the negative trend of July.

 

“This downturn is due to a timid market recovery in a difficult economic context, as well as to an unfavorable base effect induced by catch-up purchases observed last summer following the long confinement of Shanghai,” explained the Fédération horlogère.

 

Hong Kong recorded a 29% increase to 146.3 million Swiss francs. The United Kingdom and France both posted increases of 14%.

 

Sales of steel watches rebound

 

While Swiss watch exports have been on a downward trend over the years, mainly due to growing competition from smartwatches, August marked an exception with a 4.5% improvement, driven largely by steel watches.

 




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Read also>SWISS WATCH EXPORTS SLOW DOWN IN JULY

Featured photo : ©Richemont

Picture of Hugues Reydellet
Hugues Reydellet
Hugues Reydellet is a young and passionate journalist whose favorite subjects are economy, culture, gastronomy, but also cars, and sports. With a sharp pen and an insatiable curiosity, Hugues is constantly on the lookout for new hot information to report.

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