Still strong pace for the export of Swiss watches. Exports of Swiss timepieces reached 2.09 billion francs (2.04 billion euros) in March, an increase of 11.8% compared to a year earlier. With this further advance in March, the first quarter of 2022 closed with exports of 5.79 billion francs (5.65 billion euros), up by 14.3% compared to the same period of 2021.
In March, the driving force was the USA and the main European outlet markets. On the other hand, China and Hong Kong are slowing down, which in any case remain second and third market respectively in the world, behind the United States which maintains first place. This is the trend of the ten major markets in the month: USA + 31.8%, China -27.6%, Hong Kong -9.3%, Japan + 23.5%, United Kingdom + 54.9%, Singapore + 19.7%, Germany + 43%, France + 21.1%, United Arab Emirates + 12.2%, Italy + 17.8%. With this increase, Italy managed to regain the tenth place in the month, which in February it had had to yield to South Korea, now eleventh.
Once again, high-end watches, priced above 3,000 francs, recorded the greatest increase in exports, with + 15.8% in value in March. The increase was more contained for the mid-high range timepieces, with a price between 500 and 3 thousand francs, which recorded a + 2.1%. On the other hand, a negative sign (-14.4%) for mid-range watches, priced between 200 and 500 francs, and substantial stability for the basic range timepieces, priced below 200 francs.
As regards the first three months of the current year, this is the trend of the export of Swiss watches on the ten major markets: United States + 33.9%, China -9.8%, Hong Kong -3, 1%, Japan + 17.9%, United Kingdom + 35.3%, Singapore + 15.2%, Germany + 31.4%, United Arab Emirates + 11.6%, France + 19.3%, Italy + 15.8%. Looking at the top thirty markets, one can see, among other things, how Russia fell to 23rd place in the quarter (in January-February it was 17th), due to the vertical collapse of exports in March, after the Russian invasion of Ukraine. The Swiss watch industry accounts for over 50% of the sector’s worldwide turnover and exports more than 90% of its production. The export data provided by the Federation of the Swiss Watch Industry (Fh) is therefore an important indicator for the sector. After a strong rebound in 2021 compared to a 2020 heavily marked by the pandemic, in this first part of 2022 the Swiss timepiece hub managed to keep a fast pace. In the international context, on the one hand there are still the positive effects of the economic recovery of 2021, but on the other hand there are now the unknowns related to the war in Ukraine, the increase in inflation, the queues of the pandemic (especially now in China ). In this context, continuing with this good step would be an even greater success for the Red Cross industry. The spotlight is on the next few months, therefore, to try to understand what speed the Swiss pole can have in this not easy 2022 as regards the international economic situation.