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Swiss watch exports maintained their upward trajectory in November, although the slowdown observed since the summer continues. In November, the Federation of the Watch Industry (FH)<\/strong> reported year-on-year growth of 3.1%<\/strong>, taking foreign shipments to 2.5 billion Swiss francs<\/strong>.<\/p>\n <\/p>\n The Federation points out that this result represents “their highest monthly level”<\/em> ever achieved by the industry.<\/p>\n <\/p>\n Despite fears of economic slowdown and inflation since the summer, the current year could even end with a new all-time record. Over the first eleven months of the year, watch exports rose by a remarkable 7.7% to 24.6 billion Swiss francs<\/strong>. This performance brings the industry closer to its record of 2022, when exports peaked at 24.8 billion Swiss francs<\/strong>.<\/p>\n <\/p>\n “There’s still one month to go, with December, so we can already say today that 2023 will be another record year,”<\/em> said Jean-Daniel Pasche<\/strong>, president of the watchmaking federation.<\/p>\n <\/p>\n However, 2023 has brought its share of “disruptive elements”,<\/em> he points out, including “inflation”, “war in Ukraine and the Middle East” <\/em>and “concerns about China”,<\/em> one of Swiss watchmaking’s biggest markets.<\/p>\n <\/p>\n <\/p>\n After a year severely impacted by the pandemic in 2020, the Swiss watchmaking sector recovered quickly, benefiting from savings made by customers during the period of health restrictions.<\/p>\n <\/p>\n In November, the USA and Hong Kong<\/strong> were the main drivers of growth in Swiss watch exports, offsetting the downturn in China. In the USA, shipments reached 404.4 million Swiss francs (+0.9%)<\/strong>, almost outstripping the combined receipts from Hong Kong (207.6 million, +2.9%) and China (204.1 million, -3.7%).<\/strong><\/p>\n <\/p>\n The UK (+16.7%), Japan (+11.9%) and Singapore (+1.1%)<\/strong> recorded increases, while France (-2.9%) and Italy (-0.3%)<\/strong> saw their imports contract.<\/p>\n <\/p>\n <\/p>\n Although Swiss watch exports increased in value, volumes fell by 1.3%<\/strong>. Watches costing less than 200 Swiss francs fared well, with an increase of 0.1% in volume and 1.1% in revenue<\/strong>, thanks to the success of the Swatch<\/strong> brand. By contrast, watches between 200 and 3000 Swiss francs contracted, while those above 3000 Swiss francs underpinned the industry’s performance with a 5%<\/strong> improvement in value.<\/p>\n <\/p>\n “November’s figures exceeded the Zurich Cantonal Bank’s expectations,”<\/em> stresses analyst Patrik Schwendimann<\/strong>.<\/p>\n\n<\/p>\n \t\tGeographical disparities<\/h2>\n
Lower volumes<\/h2>\n