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The growth of Swiss watch exports continues. In November, exports of Swiss timepieces reached 2.49 billion francs (2.62 billion euros at the current exchange rate), with an increase of 3.1% compared to a year earlier. These almost two and a half billion monthly are a record. As regards the first eleven months of 2023 as a whole, Swiss exports amounted to 24.59 billion francs (25.88 billion euros), a figure which represents an increase of 7.7% in relation to the same period of 2022.
The leading trio as far as target markets are concerned remains the United States, China and Hong Kong, with the latter sometimes exchanging positions on the podium, always behind the USA. This is the performance of the top ten markets in November: United States 404 million francs (+0.9%), Hong Kong 207 million (+12.9%), China 204 million (-3.7%), United Kingdom 184 million (+16.7%), Japan 176 million (+11.9%), Singapore 158 million (+1.1%), Germany 130 million (+3.9%), United Arab Emirates 123 million (+9.5%), France 117 million (-2.9%), Italy 104 million (-0.3%).
As regards the type of product, the ranges at the two extremes drove exports in November. On the one hand, the high range, with a price above 3 thousand francs, which once again confirmed its strength, with an increase in value of 5%. On the other hand, the basic range, with a price under 200 francs, which recorded a +1.1%. The medium-high range, with a price between 500 and 3 thousand francs, instead had a decrease of 2.2% and the medium range, with a price between 200 and 500 francs, had a decrease of 7.6%.
Looking at the figures for the eleven months of 2023 you can see how all the main markets have a positive sign. This is the trend: United States 3.8 billion francs (+6.6%), China 2.5 billion (+7.8%), Hong Kong 2.1 billion (+24%), Japan 1.66 billion (+6.2%), United Kingdom 1.63 billion (+9.2%), Singapore 1.5 billion (+3.4%), Germany 1.2 billion (+5.7%), France 1.16 billion (+8.2%), United Arab Emirates 1.12 billion (+12.2%), Italy 987 million (+9.9%). The Italian market therefore maintained tenth place in the January-November period.
The Swiss watch industry has therefore managed to remain in positive territory during 2023. This industry represents more than half of the sector’s global turnover and exports more than 90% of its production. The export data, provided by the Federation of the Swiss Watch Industry (Fh), is an important indicator. The international economic slowdown and the strength of the franc, which actually makes Red Cross products more expensive, have not so far stopped the progress of the Swiss timepiece hub. After the positive results at the end of November, there is now naturally anticipation for those of December, a particularly important month as always due to the sales linked to the Christmas and end-of-year holidays.