Swiss watch exports grew in January as a recovery in demand in the US and Japan outweighed a persistent lull in Hong Kong and China.
Shipments of timepieces rose 4.1% to CHF 1.99 billion ($2.22 billion) for the month, the Federation of the Swiss Watch Industry reported last week. The increase followed a month in which all four of the federation’s main markets saw major declines and all but four of the top 15 decreased.
“Swiss watch exports have returned to positive performance,” the federation stated. “The US maintained its position as the leading market for Swiss watch exports, recording steady growth in January. Japan stood out for a remarkable upswing. Conversely, Hong Kong and China continued on a downward trend, with markedly poor performance.”
Exports to the US were up 16% to CHF 378.9 million ($422 million) for the month, while shipments to Japan advanced 26% CHF 154.8 million ($172.4 million). Meanwhile, supply to Hong Kong slipped 12% to CHF 141 million ($157 million) and sales to China dropped 29% CHF 137.8 ($153.5 million).
Timepieces on both ends of the price spectrum saw demand, while those in between experienced a slowdown. Watches that cost less than CHF 200 ($222) gained 0.7%. Those priced from CHF 200 to CHF 500 ($557) declined 7%, while those valued between CHF 500 and CHF 3,000 ($3,342) slid 8%. Watches worth CHF 3,000 and above increased 7%, the federation added.
Image: A Swiss-watch display. (Shutterstock)
