Swiss Watch Exports Boosted by Hong Kong Recovery

(IDEX Online) - Swiss watch exports enjoyed another surge during June, buoyed in part by a 46 per cent increase in sales to Hong Kong, its third biggest market.

Overall foreign sales for the month were up by 14 per cent year-on-year, according to the Federation of the Swiss Watch Industry to $2.81bn (CHF2.44bn).

That's an increase of almost 10 per cent on exports in May, when China saw an even bigger increase, with sales up by over 158 per cent.

Sales in Hong Kong during May were up by a more modest 19 per cent.

Export to the US, the biggest market of all, were up 8.8 per cent to $408m (CHF353.5m), a slight slowdown from the 9.8 per cent rise during May.

The federation described June's performance as "excellent".

"Swiss watch exports showed no sign of weakness in June - quite the opposite," it said in its monthly update.

"The positive trend seen in May continued, with growth of 14.0 per cent compared with June 2022.

"This meant that the first half of the year ended on a particularly strong result, at $13.3bn  (+11.8 per cent)."