Surge in Swiss Watch Exports to China
November 27, 23
(IDEX Online) - Exports of Swiss watches to China, the second biggest market globally, surged in October.
They were up by over 24 per cent a possible indication that the long-awaited post-Covid recovery is finally here. By contrast they were down 5 per cent in September.
The US, the world's number one market for Swiss watches, turned a 6.4 per cent drop in September into a 5 per cent increase in October.
The Federation of the Swiss Watch Industry Exports (FHS), which published the figures, said foreign sales overall maintained steady growth, up up 5.1 per cent year on year to CHF2.4bn ($2.73bn).
Hong Kong also saw a significant increase in sales, up 17 per cent, but slower than 24 per cent in September. Japan saw sales dip by almost 3 per cent, Singapore sales were down almost 10 per cent.
The biggest growth sector remains watches with an export price under CHF200 ($227).