Swiss watch exports made a modest recovery in July, driven by rising demand in the US and Japan, despite ongoing challenges in Hong Kong and China.
The value of timepiece exports increased by 1.6% to CHF 2.24 billion ($2.61 billion) during the month, according to data released Tuesday by the Federation of the Swiss Watch Industry. This followed a 7% drop in June and a 2.2% decline in May, which were largely attributed to weak demand across Asia.
“Swiss watch exports returned to slight growth in July,” the federation stated. “Key markets, including the US, Japan, France, South Korea, Taiwan, and Saudi Arabia, posted steady gains. However, China and Hong Kong experienced sharp declines for the sixth consecutive month.”
Shipments to the US, the largest market, grew by 11%, reaching CHF 382.2 million ($444.8 million). Japan maintained its position as the second-largest market for Swiss watches, with exports increasing by 26% to CHF 187.1 million ($217.7 million). In contrast, exports to China, once the second-largest market, fell by 33% to CHF 175.8 million ($204.6 million), and shipments to Hong Kong decreased by 19% to CHF 147.3 million ($171.4 million). Other markets showed positive momentum, with France and South Korea both registering 14% growth, and Taiwan and Saudi Arabia posting gains of 25%.
The performance of different price categories varied significantly. Watches priced under CHF 200 ($233) saw a notable 14% surge in demand, while high-end watches priced over CHF 3,000 ($3,491) grew by 5%. However, watches in the mid-range segment suffered, with sales of pieces priced between CHF 200 and CHF 500 ($582) falling by 23%, and those between CHF 500 and CHF 3,000 declining by 13%.
Despite the July rebound, the overall picture for the first seven months of the year remains negative, with Swiss watch exports down by 2.4% to CHF 15.16 billion ($17.64 billion).
