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.

 




To continue reading this article, subscribe or log in to your account

Discover our plans

Subscribe for 1€

Become an active member of the community of luxury leaders.

Luxus Abonnement Digital+Papier

 

Read also>SWISS WATCH EXPORTS SLOW DOWN IN JULY

Featured photo : ©Richemont

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.

Subscribe to our Newsletter

Sign up now to receive sneak previews of our programs and articles!

Unlimited access to luxury news.

Discovery offer 1€ for 1 month!

Luxus Plus Newsletter