The advance of the export of Swiss watches continues. In July, exports of Swiss timepieces reached 2.21 billion francs (2.28 billion euros at current exchange rates), an increase of 8.3% compared to the same month last year. This is the second highest monthly export figure, behind the record recorded in October 2014.
Seven months of positive trend
In the period January-July of this year, exports amounted to 14.12 billion francs (14.57 billion euros), with an increase of 11.4% compared to twelve months earlier. For both July and the first seven months of the current year, the United States confirmed its position as the largest single market for Swiss watch exports. With the end of the extensive anti-pandemic lockdowns, China, the second market, regained its positive sign in July, but remained in negative territory for the whole of seven months. Hong Kong, the third market, did not come out of the negative. In Asia Singapore and Japan did well (the latter in the seven months but not in July).
Italy in the top ten
The major European markets recorded clear progress, Italy conquered ninth place in July and maintained its traditional tenth place overall for the first seven months of 2022. This is the trend of the top ten markets in July: States United States + 13.5%, China + 18.4%, Hong Kong -11.9%, Singapore + 29.1%, Japan -1.4%, United Kingdom + 11.8%, France + 11.5% , Germany + 12.6%, Italy + 31.3%, United Arab Emirates + 7.9% (in the photo above, the Rolex boutique, the result of the joint venture with Pisa Orologeria, in via Monte Napoleone, in Milan).
The tow of the highest segment
During the month it was once again the high and medium-high range timepieces that led to Swiss exports. The export of watches priced above 3,000 francs increased in value by 10.9% in July and the export of watches priced between 500 and 3,000 francs recorded an increase of 10.4%; strong contraction of 29.2% for mid-range timepieces, priced between 200 and 500 francs; watches in the basic range increased by 5.3%, priced under 200 francs.
The leap of the United States of the first seven months
Returning to the ten largest export markets for Swiss watches, this is the trend for the first seven months of 2022 as a whole: United States + 28.4%, China -19.6%, Hong Kong -11.6 %, Japan + 16.1%, United Kingdom + 28.4%, Singapore + 22.5%, Germany + 23.3%, France + 31.7%, United Arab Emirates + 16.1%, Italy +13 ,2%. After the fall of 2020 due to the pandemic and after the robust recovery of 2021, this 2022 has thus far led to the emergence of new steps forward for the Swiss timepiece industry, which represents beyond 50% of the worldwide turnover of the sector ed exports over 90% of its production. As for the coming months, many players in the sector prefer to remain cautious, considering the strong global geopolitical tensions and the ongoing economic slowdown at the international level. However, there remains moderate optimism among operators on the overall figures that it will be possible to reach at the end of the year, given the path taken so far, in some respects higher than forecasts.