US Demand Fuels Growth in Swiss Watch Exports

RAPAPORT... Swiss watch exports rose strongly in March, passing the CHF 2 billion ($2.09 billion) stage earlier in the year than ever before.Global shipments increased 12% year on year to CHF 2.09 billion ($2.19 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The improvement came despite an extremely high comparison base the previous year - when the figure rose 37%. Demand in the US remained solid, offsetting declines in China and Hong Kong amid Covid-19 lockdowns."The US continued to achieve remarkable growth, while China lost ground...following several years of steady, uninterrupted growth," the federation explained. "The market in Hong Kong remained challenging."Supply to the US jumped 32% to CHF 337.6 million ($352.5 million) in March 2022. Orders from China slid 28% to CHF 226.6 million ($236.6 million), while Hong Kong saw a 9% drop to CHF 163.8 million ($171 million). Exports to most other markets recorded double-digit growth, the federation noted. However, shipments to Russia plunged 96%, totaling less than CHF 1 million ($1 million) following its February invasion of Ukraine.Watches priced above CHF 3,000 ($3,131) saw the sharpest growth, up 16%, and units valued at CHF 500 ($522) to CHF 3,000 rose 2%. Timepieces costing between CHF 200 ($209) and CHF 500 fell 14%. Those under CHF 200 remained flat, the organization added.Image: A Swiss-watch display. (Shutterstock)