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Despite the increasing economic risks and tensions in the Middle East, more watches were exported abroad in October compared to the same month last year. Last year’s export record is now within reach.
Watch exports in October 2023 increased by 5.1 percent compared to the previous year, reaching 2.39 billion francs, according to the statement made by the Federal Office for Customs and Border Protection (BAZG) and the Swiss Watch Industry Association (FH) on Tuesday. Exports increased by around 4 percent in September and August.
When we look at the first 10 months, this is still a plus: In the January-October period, watch exports increased by 8.3 percent compared to the previous year. There are now many signs that the sector will break the export record of 24.8 billion francs compared to the previous year.
In the watch association’s statement, it is stated that the watch industry is experiencing solid growth. Growth has weakened somewhat compared to the strong increase in the first half of the year, but the sector is still growing at a high level.
The development in the October reporting month was primarily positively influenced by the strong increase in the categories “Other metals” (+14%) and “Bimetals” (+13%). However, exports of watches made of precious metals also increased significantly (+7.9%). Meanwhile, steel watches fell 2.0 percent compared to the previous year.
The industry grew significantly in China (+24%) and Hong Kong (+17%). In both cases, the strong increases were also due to the previous year’s lows affected by the corona pandemic. In contrast, exports to other Asian markets such as Japan (-2.7%) and Singapore (-9.8%) fell.
The US, the largest sales market, continued to grow well, although less strongly than in the past (+5.0%). In Europe, there is a mixed picture: markets such as Great Britain (+7.7%), France (+6.2%) and Italy (+2.7%) are growing, while Germany (-12%) and Spain are growing. Exports to (-2.7%) improved. It fell 2.5%.
Looking at the price categories, it was seen that the cheap segment with export prices below 200 francs and between 200 and 500 francs was on the rise. Exports in Swiss francs increased by 17 percent and 11 percent, respectively. This is probably due to the popular Swatch models in the design of luxury brands Omega and Blancpain. Exports of expensive watches (over 3,000 francs) increased by 6.2 percent.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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