US and Europe Drive Increase in Watch Exports

RAPAPORT... Swiss watch exports grew strongly in May as demand strengthened in the US and Europe while orders of high-end timepieces surged.Global shipments rose 14% year on year to CHF 2.04 billion ($2.12 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. Supply to the US market increased 35% to CHF 327.4 ($340.1 million), with exports to Europe gaining 32%.That outweighed weakness in the Far East, where shipments to China plummeted 65% amid Covid-19 lockdowns, while orders from Hong Kong slipped 3.4% to CHF 190.4 million ($197.8 million)."Swiss watch exports benefited from robust performance in most of their markets except China and Hong Kong, as well as two more business days than in 2021," the federation said.Watches with a wholesale price above CHF 3,000 ($3,116) were the main contributor to overall growth, with exports jumping 20%. Image: A Patek Philippe Aquanaut 5167A Swiss watch at a store in Bangkok, Thailand, April 2022. (Shutterstock)