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After many months of growth, Swiss watch exports are taking a breather. In February, exports of Swiss timepieces recorded a decline of 3.8% compared to a year earlier, reaching 2.15 billion francs (2.24 billion euros). For the first two months of 2024 as a whole, Swiss exports were 4.07 billion francs (4.24 billion euros), with an annual reduction limited to 0.7%.
In February, four of the top ten markets had a negative sign, while the other six remained positive. The declines concern China, Hong Kong, the United Kingdom and Germany. Italy also had a reduction and dropped from tenth to eleventh place. The United States, Japan, Singapore, United Arab Emirates, France and South Korea have recorded progress.
This is the detailed performance of the top ten markets in the month: United States 364 million francs (+5%), China 189 million (-25%), Hong Kong 172 million (-19%), Japan 155 million (+ 5%), Singapore 147 million (+3%), United Kingdom 131 million (-2%), United Arab Emirates 121 million (+8%), France 103.9 million (+6%), Germany 103.2 million (-6%), South Korea 70 million (+22%). Italy for its part recorded 62 million (-17%).
As regards products, the ranges at the two extremes (high and basic) limited the declines, while the intermediate ranges had more significant contractions. High-end watches, which have a price above 3 thousand francs and represent the largest export item from the Swiss hub, recorded a -1.8% in value; those in the medium-high range, with a price between 500 and 3 thousand francs, had a -14%; mid-range timepieces, priced between 200 and 500 francs, recorded a -4%; finally, watches in the basic range, priced under 200 francs, fell by -0.4%.
In terms of figures relating to January and February of this year as a whole, there are also four of the largest ten markets with a negative sign and six with a positive sign. Here Italy managed to maintain tenth place, despite the decline. This is the trend for the first two months of 2024: United States 690 million francs (+3%), China 383 million (-12%), Hong Kong 332 million (-12%), Japan 278 million (+5% ), Singapore 270 million (+6%), United Kingdom 241 million (+0.1%), United Arab Emirates 219 million (+7%), France 197 million (+7%), Germany 196 million (-8% ), Italy 138 million (-6%).