In May the resumption of exports of Swiss watches has registered a new positive stage, albeit with an increase that has not replicated the record levels of April. Exports of Swiss timepieces in May amounted to 1.79 billion francs (1.64 billion euros), 174.2% higher than a year earlier. The jump was naturally favored by the low level of exports in May 2020, during the first wave of the coronavirus, with various lockdowns taking place around the world.
From March slow return to normal
With the exception of the aforementioned data, the Federation of the Swiss watch industry (Fh) provides for the rest of the comparison with May 2019, therefore with the pre-virus scenario, and on this front there is a decrease of 11.9%; two years ago the pandemic did not exist and exports were obviously traveling at better levels. For what concerns the entire span of the first five months of 2021, the export of Red Cross watches was also 8.66 billion francs (7.95 billion euros), only 3% less than in the same period of 2019; for January-May of this year the decrease compared to two years ago is therefore contained and this confirms the trend towards the return to normality, which began in March.
Loading…
Italy remains in the top ten
The main drawbacks for Swiss watches continue to be China and the United States, while for almost all the major European markets (including Italy, which however remains in the top ten) the recovery is slower. This is the trend of the ten main markets in May, compared to the same month of 2019: China + 17.4%, United States + 16.6%, Hong Kong -27.5%, Japan -26.4%, Singapore -3.8%, United Kingdom + 8.3%, Germany -15.6%, Italy -30.1%, United Arab Emirates -15.2%, France -47.1%.
High-end watches once again held their own during the month (with a price above 3 thousand francs), which compared to two years earlier recorded a very limited decrease; the most significant falls were those in the medium-low range (200-500 francs) and basic (under 200 francs). Looking at the period January-May, these are the figures of the ten largest markets compared to the same period in 2019: China + 56.8%, United States + 19.7%, Hong Kong -28.7%, Japan -12.6%, Singapore + 2.7%, United Kingdom -17.7%, Germany -11.3 %, United Arab Emirates -6.4%, France -21.5%, Italy -19.3%.
China and the United States are therefore continuing their march, which has already brought them well above pre-pandemic levels; Hong Kong, hit first by political turmoil and then by the virus, has not yet recovered the levels of 2019, which has instead happened for Singapore; Finally, for the main European markets, there is still some way to go before returning to pre-virus figures. The Swiss watch industry accounts for over 50% of the sector’s worldwide turnover and exports over 90% of its production.