The Federation of the Swiss Watch Industry (FHS) has published the latest Swiss watch export numbers and reports that Swiss watch exports have seen sustained growth in February 2023, with a rise to a very high level of 2.2 billion francs, an increase of 12.2%.
All main markets have contributed to this result, and all materials made a significant contribution to February’s performance. There was notable growth in the Other materials category, which was five times stronger than the average due to an upsurge in volumes. However, steel and bimetallic watches saw a reduction in the number of items. Overall, volumes increased by 75,000 units.
Watches priced between 200 and 500 francs have seen a significant decline of around 18% by value and volume, continuing the downward trend for four years. On the other hand, watches priced at less than 200 francs have benefited from the momentum in the Other materials category, improving their result by 12.3%, confirming the upswing seen in 2022. Watches priced at over 500 francs saw comparable growth at 13.8%.
The United States has again achieved a double-digit increase of 15.5%, with China also seeing a revival in watch exports (+8.2%) after four months of decline, indicating a recovery in the Chinese market. Hong Kong has also seen growth (+22.2%), suggesting a stabilisation or even an upturn in the local market. Other Asian markets, including Japan, Singapore, and the United Arab Emirates, have also grown, with only South Korea posting a decline (-11.3%).
In Europe, growth in the largest markets has outstripped smaller ones, with the United Kingdom, Germany, and France on the one hand, and Italy and Spain on the other. Overall, the growth in Swiss watch exports in February 2023 is positive news for the industry, with sustained growth across most markets and materials.
Note: The Federation of the Swiss Watch Industry (FHS) is a non-profit organization that represents the interests of the Swiss watch industry. It was founded in 1982 and is based in Biel/Bienne, Switzerland. The FHS plays an important role in the Swiss watch industry by providing statistics and market analysis, promoting the Swiss Made label, and defending the interests of its members. The FHS has over 50 members, which include some of the most well-known Swiss watch brands.