Swiss Watch Exports Rise as US Strengthens

RAPAPORT... Increased US demand drove an increase in exports of Swiss watches in June as growth in the key market outweighed weakness in the Far East.Outgoing shipments of Swiss timepieces climbed 8% year on year to CHF 2.13 billion ($2.2 billion) globally for the month, the Federation of the Swiss Watch Industry reported Tuesday.Supply to the US, the sector's largest market, grew 18% to CHF 324.6 million ($335 million). China saw a 6% drop to CHF 230.5 million ($238 million), a marked improvement from May's 28% decline."The Chinese market...benefited from the gradual easing of anti-Covid-19 measures after two months of partial closure, but it was compared to a particularly high benchmark, as the figures for June 2021 were almost double...those of 2019," the federation explained.Orders from Hong Kong tumbled 31% to CHF 144 million ($148.6 million), while most other markets, both in Asia and Europe, advanced between 10% and 65%.Watches made from precious metals and steel accounted for most of the growth in June, the organization noted. In the price categories, timepieces valued over CHF 3,000 ($3,096) recorded the sharpest rise, improving 11%. In the first six months of the year, Swiss watch exports went up 12% to CHF 11.9 billion ($12.28 billion), with shipments to the US jumping 31% to CHF 1.86 billion ($1.92 billion).Image: A Tissot watch at a store in Poznan, Poland, in June 2022. (Shutterstock)