Swiss Watch Exports Surge in April: Precious Metal Watches Lead the Way
In a positive turn of events, Swiss watch exports saw a significant uptick in April, with a total value of 2.1 billion Swiss francs, marking a 4.5% increase compared to April 2023. While the year-to-date results still show a cumulative decline of 2.6%, the rebound in April is a positive sign for the industry.
Precious Metal Watches Drive Growth, Steel Watches Lag Behind
The latest data from the Federation of the Swiss Watch Industry (FH) reveals that precious metal watches performed exceptionally well in April, with a 5.9% increase in value to 767.9 million Swiss francs. On the other hand, steel watches experienced a decline of 2% in value, totaling 699.4 million Swiss francs. The high-end segment, watches priced over 3,000 Swiss francs, also showed growth with a 7.8% increase in value.
Market Analysis: Asia Shows Strong Growth, China Lags Behind
While overall export growth was around 6%, individual markets displayed varying performances. China recorded a decline of 7.5%, in contrast to other Asian markets like South Korea, Japan, Singapore, and the United Arab Emirates, which saw double-digit growth. The United States posted a robust growth of 11.6%, while European markets like the United Kingdom, Germany, and Italy also showed positive increases.
In conclusion, the Swiss watch industry’s recovery in April is a promising sign for the market, with precious metal watches leading the way and strong growth seen in key markets across Asia and the United States. With the industry showing resilience and adaptability in the face of challenges, the future looks bright for Swiss watch exports.
