Swiss watch exports in the first half of 2024

Decline due mainly to China and Hong Kong

Swiss watchmaking followed the rest of the luxury goods sector by operating at two different speeds in the first half of 2024. On the one hand, China, which is facing a crisis in the property sector, a high youth unemployment rate, a lacklustre economy and a deterioration in the climate of trust, saw a marked decline (-21.6%), dragging Hong Kong (-19.9%) in its wake. On the other hand, the rest of the world produced a slightly positive result (+1.0%), confirming the high-level consolidation initially expected for the sector this year.

Swiss watch exports in 2023

Record value and a sharp rise in volumes

Swiss watchmaking continued to grow sharply in 2023, following strong performance the previous year. Watch exports achieved record value, while the corresponding number of watches also increased significantly.

Swiss watch exports in the first half of 2023

Strong growth in value and volume

The first half of the year for Swiss watchmaking continued in exactly the same vein as 2022. The growth in exports remained particularly steady, despite a high basis for comparison. Most markets saw an increase, with the notable return of China and Hong Kong into the black.

JAEGER-LECOULTRE REVERSO

Lenny Kravitz @ 95th Academy Awards

Lenny Kravitz attends the 95th Academy Awards at the Dolby Theater wearing the Jaeger-LeCoultre Reverso Classic Duoface Small Seconds watch.

Swiss watch exports in 2022

Solid growth, record performance and favourable prospects

Swiss watchmaking had an excellent year in 2022. Following the return to pre-Covid levels seen in 2021, the sector has been on a path of solid growth that allowed it to achieve record performance, despite the significant decline in two of its three main markets.

Swiss watch exports in the first half of 2022

An excellent first six months in terms of value and volume

Swiss watch exports between January and June 2022 amounted to 11.9 billion francs, representing a growth of 11.9% compared with the first semester in 2021. While 70% of this increase stems from mechanical watches made of precious metals or steel, the other categories also contributed to the overall upward trend. The remarkable increase in exported watches should also be noted.

Swiss watch exports in 2021

A strong recovery carries Swiss watchmaking to new heights

2021 saw a faster than expected recovery for Swiss watch exports. Performance was driven by very strong growth in the United States, alongside a steady upward trend in China, while numerous other markets continued to face sometimes significant difficulties.

Swiss watch exports in the first half of 2021

A return to 2019 level

Watch exports were valued at 10.6 billion Swiss francs in the first half of 2021. This was comparable (-0.5%) to the result achieved in 2019, which is viewed as the reference year given that the historically poor performance recorded in 2020 does not provide a useful annual basis for comparison.