The Federation of the Swiss Watch Industry indicates a “moderate but significant growth, at high levels” for exports of Swiss timepieces in October. The organization that brings together Swiss companies in the sector uses the traditional prudence in its assessments in anticipation of the end of 2022, but the data for the first ten months are in fact higher than the average expectations at the beginning of the year.
In the month of October alone, exports amounted to 2.27 billion francs (2.30 billion euros at current exchange rates), up 6.7% on the previous year; in the first ten months of this year, exports amounted to 20.38 billion francs (20.73 billion euros), with an increase of 11.9% compared to the same period in 2021. The United States confirmed first market, China and Hong Kong respectively maintain second and third place but register slowdowns; the main European markets are progressing, Italy confirms its tenth place and therefore remains in the top ten.
The Swiss watch industry accounts for over 50% of the sector’s worldwide turnover and exports over 90% of its production. The data on Swiss exports are therefore a relevant indicator and this indicator now signals the continuation of the progress of exports of Swiss timepieces, despite geopolitical tensions and the international economic slowdown. After the pandemic-induced fall of 2020 and the big rebound in 2021, many industry players had doubts about the possible path for business in 2022, but so far the numbers have overall beat expectations.
In October, this was the trend for the top ten markets, in order: United States +16.7%, China -18.1%, Hong Kong -5.5%, Japan +9.9%, Singapore +29%, United Kingdom +3.5%, Germany +27.5%, France +28.1%, United Arab Emirates -2.4%, Italy +10.3%. Behind the top ten there is the decline of South Korea (-7.8%) which however maintains the eleventh place and the leap of Australia (+43.5%), which rises to twelfth.
As regards the price ranges, the strongest increase in the month was that of the high range (above 3,000 francs), with +11.4%; the medium-high range (500-3 thousand francs) was also positive, with +3.1%; a clearly negative sign, however, for the medium range (200-500 francs) with -37.1% and for the basic range (below 200 francs) with -14.1%.