The export of Swiss watches started 2023 as it had ended 2022, i.e. still with a positive sign. In January, exports of Swiss timepieces amounted to 1.86 billion francs (1.88 billion euros at current exchange rates), an increase of 8.6% compared to a year earlier. For the month of December the increase was 5.8% and for the whole of 2022 it was 11.4%, the progress in January is halfway between these two percentages, confirming the trend towards export expansion red cross.
In the first month of 2023, the United States once again occupied the first place as an outlet market, posting a clear increase. China maintained its second place but recorded a decline, in all likelihood mainly due to the long-term effect of the anti-pandemic lockdowns, which are now no longer in force. Third place confirmed for Hong Kong, which instead found the positive sign again, after the anti-coronavirus restrictions it had also had. Behind the leading trio, a slight contraction for Japan and Singapore doing well, good figures for the major European markets (with Italy showing a marked increase) and for the United Arab Emirates.
This is the trend of the ten main foreign markets for the Swiss watch industry in January: United States +26.3%, China -17.3%, Hong Kong +10.3 %, Japan -0.8%, Singapore +19.7%, UK +5.2%, Germany +19.9%, UAE +17.3%, France +16.8%, Italy +43 .7%. As far as price ranges are concerned, the two extremes were the driving forces during the month: the basic range and the high range. The value of exports of the basic range, with prices under 200 francs, in fact recorded an increase of 27.6%; the high range, with prices above 3,000 francs, for its part confirmed its brisk pace, with an increase of 12.6%. The medium range, with prices between 200 and 500 francs, recorded a decline of 14.2%; the medium-high range, with prices between 500 and 3,000 francs, had a more contained decline, equal to 4.7%.
The Swiss watch industry exports more than half 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 is an important indicator not only for the Swiss hub but also for the sector more generally. For the whole of 2022, Swiss timepiece exports amounted to 24.83 billion francs, against 22.30 billion francs in 2021. The January figures are a good start for 2023. The trend during the year it will naturally also depend on the degree of the international economic slowdown on the possible effects of geopolitical tensions.
For Swiss companies, returning this year to the peak of 2022 would already be a significant result. If last year’s numbers were exceeded, the Swiss industry would enter an area of new records.