The latest report from the Federation of the Swiss Watch Industry shows that Swiss watch exports boomed during the first quarter of 2023, with sales jumping due to factors such as a 62 per cent surge in orders from the newly fully re-opened Hong Kong.

Swiss watch exports climbed by 13.8 per cent in value in March (to CHF 2.4 billion) and 11.8 per cent for the first quarter compared to 2022. With a total value of CHF 2.4 billion, sales were up in all materials, regions and price points, in export value as well as volumes. All groups of materials saw a sharp increase in export values in March. Volumes were also up across all categories.

A total of 1.5 million timepieces were exported in March, a 23.9 per cent rise versus last year – an additional 300,000 units.

It was also markedly higher than February’s 2.5 per cent increase. Watches under CHF 200 (export price) rose 34.2 per cent in units and 38.6 per cent year-on-year in value. Between CHF 200 and CHF 500, the value of items exported grew by 2.7 per cent.

Alongside Hong Kong’s 62 per cent growth, the newly re-opened China was up 14 per cent during the first quarter. Singapore was up 19 per cent, Europe 12 per cent, France 14.6 percent, Germany 11.4 per cent, the United States 7.8 per cent, United Kingdom 7.5 per cent and Italy 5.5 per cent.

In the Asia region, Thailand grew 39 per cent in March (an overall jump of 58.5 per cent for the first quarter of 2023), Singapore grew 19 per cent and Japan saw a 1.5 per cent rise.

[Image credit: FH]

Categories: Industry news, Switzerland, watches