Happy May for the export of Swiss watches. Exports of Swiss timepieces in the month amounted to 2.04 billion francs (2 billion euros at current exchange rates), 13.6% more than a year earlier. This new monthly advance allows exports for the five months January-May 2022 to reach 9.77 billion francs (9.58 billion euros), with an increase of 12.8% compared to the same period of 2021.
As for the exported products, the draw in May once again came from high-end watches, with an export price above 3,000 francs, which recorded an increase in value of 20%; the mid-high range timepieces, priced between 500 and 3,000 francs, recorded substantial stability (-0.2%); mid-range watches, priced between 200 and 500 francs, on the other hand, recorded a sharp contraction (-22%) during the month, while timepieces in the basic range, priced below 200 francs, had an increase, albeit content (+ 3.9%).
The geography of the markets
As regards the geographical outlet areas, there have been good increases for the United States and for the main European markets, including Italy which is confirmed in tenth place, while China and Hong Kong were still affected by the effects of the queues. pandemic and related lockdowns. Other Asian markets recorded good advances. This is the trend of the ten major markets in May: United States + 34%, Hong Kong -3%, Japan + 29%, United Kingdom + 36%, Singapore + 27%, France + 89%, Germany + 25% , China -65%, United Arab Emirates + 25%, Italy + 16% (in the photo, an image from the Shanghai edition of the Watches & Wonders fair).
United States firmly in first place
Collecting the data for the entire January-May period, this is the picture of the top ten export markets, in order of magnitude: United States + 34%, China -30%, Hong Kong -7%, Japan + 20%, United Kingdom + 32%, Singapore + 20%, Germany + 25%, France + 38%, United Arab Emirates + 14%, Italy + 18%. The USA is therefore confirmed as the number one market for the export of Swiss watches at this stage, China and Hong Kong come in second and third suffering setbacks, Japan and Singapore remain the other major oriental markets followed by the United Arab Emirates; as far as Europe is concerned, the United Kingdom is confirmed as the largest single market for Swiss timepieces, followed once again in order by Germany, France and Italy.
An important sign
The export data provided every month by Federation of the Swiss Watch Industry (Fh) are a relevant indicator for the entire sector, considering that the Swiss watch center represents over half of the sector’s worldwide turnover and exports over 90% of its production. After the fall of 2020 caused by the pandemic, Red Cross exports recorded a strong recovery in 2021. In this first part of 2002 the recovery continued, despite a slowing global economic growth compared to previous forecasts and despite the further tensions related to the war in Ukraine. For the Swiss industry to maintain this pace would clearly be a positive fact, in the coming months there will be important checks on whether or not to maintain this good speed.