Swiss watch exports rose by 5.1% in October. The Federation of the Swiss Watch Industry reports growth close to that of previous months, confirming a significant trend, albeit less sustained than in the first half of the year. Despite these positive results, the luxury goods sector remains vigilant in the face of uncertainties in the fourth quarter, highlighting the fragility of consumer confidence in a complex global context.
Swiss watch exports abroad reached new heights in October, putting the annual record of 2022 within reach. The industry exported the equivalent of 2.4 billion Swiss francs (2.5 billion euros) last month, an increase of 5.1% on the previous year.
“The growth recorded by Swiss watch exports in October remained close to that posted in August and September,” noted the Federation of the Swiss Watch Industry (FH) on Tuesday.
Although the pace of growth stabilized “at a less sustained but still significant level than during the first half of the year”, the Federation points out that the cumulative result over ten months has risen notably, representing growth of 8.3% compared to 2022, totaling 22.09 billion Swiss francs.
This promising performance puts the industry on track to beat the 2022 record of 24.8 billion Swiss francs.
USA and China in the lead, Europe mixed
The United States and China, as our main markets, took up the slack after a slight decline in September. The USA recorded growth of 5%, reflecting the world average, while China rose by 24.3% after three months of decline. The Federation attributes this rebound in the Middle Kingdom to a “favorable base effect expected for the fourth quarter as a whole”, highlighting the recent lifting of Covid-19 restrictions. Hong Kong, for its part, continued its steady catch-up (+17.4%).
Declines in Japan (-2.7%) and Singapore (-9.8%) put these markets on the bangs of other Asian markets.
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Read also>SWISS WATCH EXPORTS UP IN AUGUST
Featured photo : ©Swatch