Swiss watch exports

Main article: Switzerland

Chronicle

2022: Swiss watch exports update record

Exports of Swiss watches in 2022 increased by 11.4%, despite the antique (coronavirus pandemic COVID-19) restrictions in force throughout China the year and high inflation worldwide. About this at the end of January 2023, the watch federation. Switzerland

Swiss watchmakers for 2022 exported their products totaling $26.85 billion (record result). Meanwhile, in December 2022, growth in watch exports slowed to 5.8% in annual terms from 10.9% in November. The Watch Federation expects a moderate increase in exports in 2023, despite macroeconomic risks and a high comparative base.

Swiss watch exports in 2022 update record

The strongest growth was recorded in the most prestigious segment, this watch is more expensive than $3.2 thousand. There was an increase of 13.3%. According to WatchPro, in the budget category itself, this watch is cheaper than $218, + 9.7%, and export sales of watches with an average price tag fell by 16.2%.

The leaders in the world import of Swiss watches were, USA,, and Japan. Singapore United Arab Emirates Exports to North and South America in 2022 increased by 23.9%, to other countries - by Europe 15.8%. Rather weak growth showed exports in - by Asia 4.4%. This is due to a decrease in exports to the two most important local markets: exports China in decreased by 13.6%, in - by Hong Kong 10.5%. This is primarily due to lockdowns related to COVID-19 and other measures to combat the pandemic in 2022. WatchPro also noted the "limited implications of the geopolitical situation in," Russia which they estimate at about 1% of sales for the year.

In general, for the nine months of 2022, deliveries increased by 13% year-on-year. Bloomberg explains such a sharp jump by the recovery in demand in the luxury goods market after the COVID-19 pandemic, when consumers were able to accumulate savings, as well as the growth of online sales.^[1]

Notes