In January, Swiss watch exports experienced a slower growth rate compared to the previous month, according to data from the Federation of the Swiss Watch Industry. Despite this, total exports still saw a 3.1% increase on a year-on-year basis, amounting to 1.9 billion Swiss francs ($2.15 billion). This trend indicates a gradual normalization of growth since June.
Factors Influencing Exports
The growth in exports was primarily attributed to the strong performance of watches crafted from precious metals. In contrast, timepieces made from steel and bimetallic materials faced a decline in the market, as reported by the industry body.
Market Performance
Most of the main markets showed positive developments in January. Exports to the U.S. grew by 2.2%, reaching CHF325.9 million and accounting for 17% of total Swiss watch exports in the month. China also experienced a 5% increase in exports, while Hong Kong saw a slight decline of 4.7%.
Segment Analysis
Timepieces with a value exceeding CHF3,000 witnessed a growth of 4.3%, while watches priced between CHF200 and CHF3,000 remained stable. On the other hand, exports of watches priced below CHF200 saw a notable increase of 5.5%, driven by the other materials category.
Overall, the Swiss watch industry continues to navigate through changing market dynamics, with various segments showing distinct performance trends during the observed period.
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