Swiss watch exports ended six straight months of declines in July, as the strength of the U.S. and Japan markets made up for continued weakness in China and Hong Kong.
According to statistics from the Federation of the Swiss Watch Industry (FHS), exports showed “slight growth” in July, rising 1.6% from the same month in 2023.
July’s bright spots included exports to the United States, which increased 11.9% year-over-year. The U.S. remains the largest Swiss watch market in the world, with a 17.1% share.
Exports to Japan soared 25.6% in July. Japan is now the world’s second-largest Swiss watch market, with an 8.3% share. (In 2023, it was fourth.)
On the other hand, once-dominant centers China and Hong Kong declined 32.8% and 19.1%, respectively. July was the sixth consecutive month those markets have had double-digit drops.
Watches made with precious metals showed impressive growth of 12.6% for July. In contrast, exports of steel watches decreased a marked 10.4%.
By price category, watches costing less than 200 Swiss francs (export price) scored the best in July, with exports rising 13.7% in value. Watches priced over 3,000 francs also experienced significant growth, up 5.4%, but there was continued weakness for price points in the middle, with watches in the 200- to 3,000-franc range falling 14.4%.
Despite the industry’s good news in July, cumulative Swiss watch exports for the first seven months of the year were down 2.4%, FHS said.
(Photo: Getty Images)
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