Exports of Swiss Watches Continue 2018 Surge

Jewelry
21/03/2018 14:52

The strong growth of watch industry exports reported in January was confirmed - and even bettered in February, reports the Federation of the Swiss Watch Industry, as exports to Hong Kong and the US saw their strongest monthly advance for six years. The total value of Swiss exports reached $1.78 billion (CHF 1.69 billion), an increase of 12.9% on the February 2017 figure. A total of 1.9 miilion units (+3.8%) were shipped, good for $1.67 billion (CHF 1.59 billion), with an additional $100.7 million (CHF 95.9) earned from other products. Although the growth extended to all price segments, high-end timepieces were in particular demand, as watches with an export price of between $525 (CHF500) and $3,150 (CHF 3,000 francs) (export price) increased by 19.3%, while timepieces priced at over $3,150 (CHF 3,000) increased by +12.9%. Products costing less than $210 (CHF 200) achieved 7.8% growth after falling sharply for more than one year.

The three leading markets for Swiss watch industry exports reported much stronger growth than the global average. Hong Kong (+35.7%) and the United States (+26.3%) saw their strongest monthly advance for six years. China (+21.7%) also exceeded the 20% growth mark after +44.3% in January despite an unfavourable base effect. Japan (+7.1%), Germany (+6.0%) and Singapore (+7.0%) posted significant growth, while other markets such as the United Kingdom (-16.8%) or Italy (-13.0%) declined.