According to the Federation of the Swiss Watch Industry, Swiss watch exports demonstrated a continued normalization of growth trends in the second half of 2023. In December, total exports reached 2.14 billion Swiss francs ($2.48 billion), marking a year-on-year increase of 5.5%. However, this figure was slightly lower than the 2.5 billion Swiss francs recorded in November. Overall, exports for the entire year of 2023 rose by 7.6% to reach 26.7 billion Swiss francs, compared to 2022.
Strong Performance of Bimetallic Watches
The month of December saw a particularly strong performance in the category of bimetallic watches. Their value increased by 22%, and their volume witnessed a substantial growth of 28.5%.
Export Growth to the U.S. Exceeds Expectations
Exports to the U.S. market exceeded expectations by experiencing a 12% growth in December. On the other hand, exports to China showed modest growth of 1.7%. Meanwhile, Hong Kong and Japan witnessed significant increases of 15% and 27%, respectively.
Decline in Exports to the U.K. and Germany
The U.K. reported the sharpest drop in exports with a decrease of 12%, while Germany saw a decline of 2.3%.
Export Performance by Price Range
In terms of price range, both the high-end and low-end segments reported an increase in exports. The category with wristwatches valued at over CHF3,000 observed a growth rate of 9.2%, while those priced under CHF200 jumped by 13%. However, there was a decrease in exports for watches priced between CHF200 and CHF3,000, with a decline of 8.7% in the range of CHF500 and CHF3,000 and an 11% decrease for the range of CHF200 and CHF500.
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