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Swiss watchmaking exports had already broken an all-time record in 2022<\/a>, exceeding 2.4 billion euros. The beginning of 2023 is also off to a very good start, thanks to the awakening of the Chinese market.<\/a><\/p>\n <\/p>\n After a 12.2% increase in February, exports jumped 13.8% in March<\/strong> to 2.4 billion euros, according to a statement from the Federation of the Swiss Watch Industry (FH).<\/p>\n <\/p>\n Swiss watch exports rose by 11.8% in the first three months of the year, with nearly 300,000 additional watches<\/strong> exported compared to the same period in 2022, for a total of over 1.5 million units.<\/p>\n <\/p>\n <\/p>\n The watchmaking federation states, “Although uneven, the increasing concerns all price segments<\/strong>, both in value and volume.”<\/p>\n <\/p>\n Watches with an export price of less than 200 Swiss francs (203.6 euros) saw their sales increase by more than a third, mainly thanks to alternative materials (excluding precious metals, steel, and bi-metallic).<\/p>\n <\/p>\n For the price segment between 200 and 500 Swiss francs (203.67 and 509.16 euros), the exported value increased by 2.7%, which remains however a historically low level. On the other hand, the higher price ranges showed stronger growth, ranging from +12.8% for timepieces costing more than 3,000 Swiss francs (3,055 euros) to +19.7% for those between 500 and 3,000 Swiss francs (509 euros and 3,055 euros).<\/p>\n <\/p>\n <\/p>\n With the lifting of health restrictions in China, Hong Kong – the second largest market<\/strong> for Swiss watchmakers – “clearly benefited from the reopening of the market, recording a strong acceleration<\/strong> in the first quarter.” This market rebounded by 61.9% in March to 265.2 million Swiss francs (270 million euros).<\/p>\n <\/p>\n The third largest market, mainland China<\/strong>, saw a recovery in sales at a sustained rate thanks to the lifting by Beijing of the zero covid policy that had paralyzed major cities such as Shanghai. The gradual reopening of borders explains the 14% increase in Swiss watch exports in March to 259.2 million Swiss francs (264 million euros).<\/p>\n <\/p>\n Elsewhere in Asia, Singapore (+19% to 156.7 million Swiss francs (159.5 million euros) maintained a steady pace, while Japan (+1.5% to 155.6 million Swiss francs (158.4 million euros) again underperformed.<\/p>\n <\/p>\n In Europe, the fourth largest market for Swiss watch exports<\/strong> (+12%), Germany<\/strong> (+11.4%) and France<\/strong> (+14.6%) posted the strongest increases<\/strong>. The United Kingdom (+7.5%) and Italy (+5.5%) were disappointing.<\/p>\n <\/p>\n The United States<\/strong> remains the leading market<\/strong> for Swiss watch exports. However, despite the growth of 7.8%, uninterrupted for 27 months, this progression continues to “lose strength<\/strong> on a high basis.”<\/p>\n <\/p>\n This strong demand for Swiss timepieces – driven by a dynamic R&D policy and a scarcity effect generated by just-in-time production – is forcing major players like Rolex to beef up their production. Before moving to Bulle, the Swiss watch brand plans to open two temporary production workshops.<\/a><\/p>\n <\/p>\nAll price segments<\/h2>\n
Hong Kong and China in celebration<\/h2>\n