The march of the export of Swiss watches continues, which in September gained further speed, reaching 2.23 billion francs (2.27 billion euros at the current exchange rate), with a marked increase, equal to 19.1 %, compared to the same month last year. Over the first nine months of 2022, exports of Red Cross timepieces amounted to 18.10 billion francs (18.47 billion euros), an increase of 12.6% compared to the same period in 2021.
In September, all the major outlet markets recorded a largely positive sign, with the exception of Hong Kong. This is the trend of the ten main markets in September, in order of export value: United States + 33.2%, China + 15%, United Kingdom + 18%, Japan + 34.3%, Hong Kong -2, 8%, Singapore + 38.9%, Germany + 22.2%, United Arab Emirates + 36.1%, France + 6.6%, Italy + 12.9%. With its tenth place, the Italian market once again confirms its presence in the top ten.
As regards the type of products, in September the main driving force was that of the high-end range, that is, with a price above 3,000 francs, which recorded an increase in value of 23.8%; the medium-high range, with prices between 500 and 3 thousand francs, recorded + 18.3%; the medium range, with a price between 200 and 500 francs, on the other hand, fell by 20.6%; finally, the basic range, priced below 200 francs, closed the month with a modest increase of 5.9%.
In the first nine months of this year, eight of the ten largest export markets recorded a clearly positive sign, while only China and Hong Kong had a negative sign. This is the trend related to the top ten for the period January-September 2022, again in order of export value: United States + 28.5%, China -12.3%, Hong Kong -10.4%, Japan +20 , 5%, United Kingdom + 25%, Singapore + 25.7%, Germany + 22.1%, France + 28.2%, United Arab Emirates + 16%, Italy + 11.5%.
The Swiss watch industry accounts for over 50% of the sector’s worldwide turnover and exports more than 90% of its production. The export figures provided by the Federation of the Swiss Watch Industry (Fh) are therefore an important thermometer not only for the Swiss pole but also for the entire sector. After the drop in 2020 caused by the pandemic and after the strong rebound of 2021, there were some questions about the possible trend in this 2022, also considering the strong geopolitical tensions and the economic slowdown underway at the international level.