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At the halfway point of the third quarter, exports of Swiss watches confirm their positive trend. In September, Swiss exports of timepieces were 2.33 billion francs (2.46 billion euros at the current exchange rate), up 3.8% compared to a year earlier. For the first nine months of 2023, the export of Swiss watches is 19.68 billion francs (20.76 billion euros), with an increase of 8.6% compared to the same period last year.
In September the main push came from Hong Kong, the third market. However, there were declines for the United States and China, the first and second markets respectively. In Europe the major markets recorded progress, with the exception of Germany; there was a strong rebound for Italy, after its decline in August. These are the data for the month for the top ten markets: United States 344 million francs (-6.4%), China 256 million (-5.5%), Hong Kong 192 million (+24%), Japan 169 million ( +8.7%), United Kingdom 168 million (3%), Singapore 143 million (-2.7%), Germany 114 million (-4.2%), France 113 million (+15.9%), Emirates United Arab Emirates 102 million (+2.3%), Italy 93 million (+24.5%).
As regards the distribution of exported products, in September there was a confirmation of what was already seen in August, i.e. a growth of the two extremes, the high range and the basic range. In fact, in value the high range, with a price above 3 thousand francs, rose by 8.2%; the medium-high range, with a price between 500 and 3 thousand francs, fell by 10.4%; the medium range, with a price between 200 and 500 francs, also fell, albeit slightly (-0.4%); finally, the basic range, with a price under 200 francs, rose by 4.3%.
Looking at the first nine months of 2023, all the top ten markets are positive. These are the figures: United States 3 billion francs (+7.6%), China 2 billion (+7.2%), Hong Kong 1.7 billion (+25.9%), Japan 1.3 billion (+ 6.6%), United Kingdom 1.28 billion (+8.2%), Singapore 1.22 billion (+5.5%), Germany 1 billion (+8.5%), France 937 million (+9 .5%), United Arab Emirates 892 million (+11.5%), Italy 788 million (+12.3%). Among the top twenty markets, only South Korea, which is in eleventh place, has a negative sign in the period (-10%).
The Swiss timepiece hub represents over 50% of the sector’s global turnover and exports over 90% of its production. The data from the Federation of the Swiss Watch Industry (Fh) on exports are therefore a relevant indicator. The international economic slowdown and the strength of the franc, which effectively makes Swiss products more expensive, have aroused some fears in Red Cross companies, but the performance of the first nine months has been positive and, although the growth rates are not high of exports, however, suggests the possibility of progress for the whole of 2023. The last quarter, with the month of December characterized by Christmas and end-of-year sales, will, as always, be an important litmus test.