Significant increase for the sector: Watch export growth in August

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Watch exports in August 2023 increased by 4.0 percent compared to the same month last year, reaching 1.82 billion francs, the Federal Office for Customs and Border Protection (BAZG) and the Swiss Watch Industry Association (FH) announced on Tuesday.

The decline experienced last month interrupted the previous positive trend. After a strong increase of 14.0 percent in June, a decrease of 0.9 percent was recorded in July. On a cumulative basis (January-August), the increase compared to the previous year is 9.2 percent.

The Monitoring Association sees this development as a confirmation of the normalization of growth expected in the second half of the year. Overall, this represents a significant increase for the sector compared to the previous year, although it is no longer as sustainable.

This development was primarily driven by the strong increase in the “Other metals” category (+27.7%). However, watches made from precious metal (+3.8%) or bimetal (+5.0%) also increased. Meanwhile, steel watches were relatively stable compared to the previous year.

The USA (+13.5%) and Hong Kong (+29.0%) managed to show significant increases. However, Great Britain (+21.5%) also showed a positive development. China, on the other hand, is still struggling (-27.3%).

Looking at price categories, the affordable watch segment priced below 200 francs achieved a strong increase of 11.6 percent, while the mid-price segment priced between 200 and 3,000 francs performed weaker (-3.2 percent). Expensive watches also increased significantly (+5.1%).

(SDA)

Source :Blick