Positive first half for the export of Swiss watches. In June alone, exports of Red Cross timepieces rose by 8.1% compared to a year earlier, to 2.12 billion francs (2.14 billion euros at current exchange rates). Between January and June of this year, Swiss watch exports grew by 11.9% compared to the same period last year, to 11.90 billion francs, or 12.02 billion euros (in the photo above, the Rolex stand, a global leader in the high-end segment, at the latest edition of the Watches & Wonders fair in Geneva).
The top three markets
The United States again registered the positive sign and confirmed their position as the number one market, both for the month and for the half-year. China and Hong Kong, respectively second and third markets in the six months, recorded negative signs. In Asia, on the other hand, there was a positive trend for Japan and Singapore, as well as for the Arab Emirates in the Middle East. The major European markets all have a positive sign in the half year. Italy retreated in June but in turn closed the first six months positively, thus managing to remain in the top ten of the markets, with tenth place.This is the trend of the top ten markets in June: United States +17 , 5%, China -6.4%, United Kingdom + 28.7%, Hong Kong -31.1%, Japan + 16.1%, Singapore + 24.3%, France + 28%, Germany +22, 8%, United Arab Emirates + 36.4%, Italy -14.5%.
Segmentation by price
During the month, the export of high-end Swiss watches, priced above 3,000 francs, rose in value by 11%, confirming its main driving role; for the medium-high range, with a price between 500 and 3 thousand francs, the increase was 5%; for the medium range, with a price between 200 and 500 francs, there was a contraction of 31.6%; An increase of 9.1% for the basic range, with prices below 200 francs. For the entire first half of 2022, this was the trend of the markets of the top ten: United States + 31.4%, China -26, 3%, Hong Kong -11.5%, Japan + 19.5%, United Kingdom + 31.8%, Singapore + 21.4%, Germany + 25.4%, France + 36.5%, United Arab Emirates + 17.6%, Italy + 9.8%.
Cautious optimism
Despite the slowdown in economic growth internationally, Swiss timepiece exports have therefore generally maintained a good pace. After the fall of 2020 due to the pandemic and after the strong recovery of 2021, this 2022 for the Swiss timepiece industry presented both many opportunities and many uncertainties. Having closed the first half with a clear increase in exports is a good sign for the Swiss watch center, which accounts for over half of the sector’s worldwide turnover and exports over 90% of its production. For the Swiss industry, being able to have the same step in the second half of the year as the first, or in any case a step not far off, would mean reaching the phase objective. The spotlight is therefore now on the trend in the coming months, in particular as regards the ten main markets, which represent almost two thirds of the total export of Swiss watches.