Swiss watch exports up 11.8 percent in H1

Swiss watchmaking maintained its steady growth trajectory in the first half of the year, mirroring the trends seen in 2022. Despite a high basis for comparison, exports demonstrated resilience, with most markets experiencing an increase. Notably, China and Hong Kong showed a strong rebound, said the Federation of the Swiss Watch Industry (FH) in a press release.

Between January and June, Swiss watch exports reached 13.3 billion francs, a notable 11.8 percent increase compared to the same period in 2022. The luxury market's positive momentum and robust demand for entry-level watches contributed to this growth.

The appeal of Swiss watches remained unaffected by challenging economic and geopolitical conditions. However, companies faced labor shortages and supply difficulties on the production side.

Export of wristwatches increased in value to 12.7 billion francs, a 12 percent rise from the previous year, with 8.2 million items shipped abroad. Mechanical watches contributed significantly to the absolute value (+11 percent), while quartz watches saw steadier growth with a 18.8 percent increase in export turnover.

Asia demonstrated the strongest growth (+14.3 percent) and accounted for half of all Swiss watch exports in the first six months. Europe (+9.7 percent) and America (+8.1 percent) also recorded positive increases, with China and Hong Kong driving growth in the Asian market.

The United States remained the leading destination for Swiss watch exports despite a gradual slowdown in growth compared to previous years. In Europe, Germany, France, and Italy achieved stronger increases, while the United Kingdom showed slightly slower growth.