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Swiss watch exports hit seven-year monthly high – WWD

PARIS – The Federation of the Swiss Watch Industry (FHS) has released its highest monthly export figures in seven years.

Swiss watch exports stood at 2.1 billion Swiss francs, or $2.26 billion at current terms, in October, up 4.8% year-on-year and 12.5% ​​year-on-year. with last October.

“Although the sector has returned to its pre-crisis average, significant disparities remain across different actors,” the FHS noted.

FHS said that the increase was mainly due to the strong increase in precious metal watches. These items caused their exports in terms of value to increase by 18.9% to 742 million Swiss francs, or $797.6 million.

However, the total volume has indeed decreased. About 1.6 million wristwatches were exported from Switzerland in October, down 17.4% in volume compared to the same month of February last year due to less steel demand. to watch and significant degradation for double-sided metal products.

Bernstein analyst Luca Solca commented in a research report: “This situation is exacerbated by the production restrictions at Rolex announced by the company in September.

Most of the growth came from the US and China, with increases of 35.6 and 23% respectively compared to October two years ago. Singapore also grew significantly, with exports up 11.6%.

However, the situation in Europe remains more complicated due to the decline of its largest markets. Export to UK, the largest market in Europe for the Swiss to watch, down 2.3%, while Germany fell 6% and Italy fell 9.6%. France fell 28.3% and Spain 15.6%.

In total, exports in the first 10 months of the year increased by 1.4% compared to 2019.

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https://wwd.com/business-news/financial/swiss-watch-exports-october-1234999391/ Swiss watch exports hit seven-year monthly high – WWD

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