Swiss Watch industry increased exports by 11.4% in 2022

According to Forbes Magazine, It was a record year for global exports of new Swiss watches in 2022. Exports from the country increased 11.4% for the year to CHF 24.8-billion in Swiss francs (about $27-billion), according to the Federation of the Swiss Watch Industry (FH). That represents wholesale value, not retail value.

The increase, which is due mainly to value, since the number of units exported remained about the same, is a positive sign that the industry has recovered from the effects of the slowdown in 2020 due to COVID. Swiss watch Exports in December, 2022 rose 5.8% to CHF 2-billion (about $2.2-billion), compared to exports in December 2021. That growth was driven mainly by watches made of precious metals (up 14.3%). Watches priced at over 3,000 francs were the main growth driver by value for December, increasing by 13.3%. Most markets saw a significant increase except for China, which declined by -22.5%, and Hong Kong, with a decline of -19.8%. The year ended on a positive note for the United States, with an increase in December of 11.5%. Exports to Singapore increased by 26.2%, and to Japan by 20.4%. European markets were up 14.8% on average in December.

Source: Forbes Magazine