Swiss watch exports grow 3.9% in November

According to figures published on Thursday by the Swiss watch-makers association (FH), the country’s watch exports grew 3.9% in November, with differences in performance across markets, including a downturn in Europe.

Watch exports were worth a shade over CHF2 billion (€1.8 billion) last month, rising back to a level they had not reached since October 2015, said FH in a press release.

The 3.9% growth rate was nevertheless lower than the year-to-date trend, with the last few months posting growth rates between 6% and 7%. FH partly explained this slow-down in November with the high comparison basis, after a year of marked recovery, underlining that the growth of watch exports lost some momentum but remained “significantly positive.”

The November export trend showed differences both in terms of price segments and markets. Exports of watches priced above CHF3,000 rose 8.4%, while those of watches with a factory price between CHF200 and CHF500 fell by 13.6%.

In regional terms, Asia “continued to grow, though it slowed down somewhat,” said FH, with a 9.5% rise in exports to Hong Kong, a key market for luxury goods sales, and a 15.1% rise in China.

Watch exports to the USA, the second-largest market for Swiss watch-makers, also grew in November, posting an 11.2% increase.

However, they fell by 5.9% in Europe, having risen only in Germany and France, while those to all other main European markets declined.

After a soft patch in 2015 and 2016, the Swiss watch-making industry is growing again, though at a slower rate than before, thanks to rising demand from Asian consumers.

The editorial team with AFP