The effects of COVID-19 on Swiss watch exports this year continued through May, with exports dropping 67.9% compared to the May 2019, following April’s 81.3% fall. The FH have called the last two months periods of “quasi paralysis”. Overall, exports fell by 35.8% over the first five months of the year.
The Federation of the Swiss Watch Industry (FH) reports that all price segments had similar falls in both value and volume terms.
The main markets fell by more than half compared with a year ago. Most notably, falls in the U.S. (-79.2%), Japan (-74.2%), France (-76.7%), Singapore (-74.8%) and the U.K. (-76.7%) exceeded the average. China fell significantly (-54.6%) compared to April 2020, when it was -16.1%.