Watchmaking: Swiss exports break all records
With strong demand from the United States, Swiss watch exports reached a historic level.
In November 2022, Swiss watch shipments abroad recorded the highest result in their history, exceeding 2.4 billion Swiss francs (2.53 billion euros). In year-on-year comparison, this increase amounts to 10.9%.
The performance for the 11 months of 2022 already exceeds that for the whole of 2021, when a total of 22.3 billion Swiss francs (22.6 billion euros) was recorded. Growth has indeed remained at a high level, in line with the average of the previous ten months, the Federation of the Swiss Watch Industry (FH) points out. Since the beginning of the year, the industry has exported the equivalent of 22.8 billion Swiss francs (23.17 billion euros), an increase of 11.9% compared to 2021 and 50% more than in 2020.
This record is due in part to strong demand from the United States, which is consolidating its position as the leading market for Swiss watches. Demand is up nearly 33%, with volumes reaching 400 million Swiss francs (406 million euros).
On the other hand, China (-11.5% to 212 million Swiss francs) saw a decline for the second consecutive month, after the recovery posted during the summer. Hong Kong (-8.9%) continues to fall, while other Asian markets have made significant progress. This is particularly true of Japan (+20%) and Singapore (+29%).
Europe is posting average growth of 8% in November, driven by the United Kingdom (+17.6%), Germany (+14.5%) and Italy (+20%).
The strongest contribution to this record came from precious metal watches (+16%), which generated more than half the growth. The total number of pieces decreased slightly, pulled down by steel watches (-16%).
Read also > Swiss watchmaking : the sector should recruit nearly 4 000 professionals
Featured photo : © Baume et Mercier
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