By Joshua Kirby
Swiss watch exports continued their recovery beyond pre-pandemic levels in July, thanks to strong performance in China and the U.S., according to data from an industry association released Thursday.
Total exports amounted to 2.05 billion Swiss francs ($2.24 billion), an increase of 7.6% compared with July 2019 and of 29% compared with July 2020, the Federation of the Swiss Watch Industry said. This continued the momentum seen in preceding months, which took exports in the first half close to 2019's levels despite lagging behind early in the year.
Exports to China increased by 75% from July 2019, while the U.S. also saw strong growth of close to 50% as domestic consumption boomed, the federation said. The U.S. became the leading market for Swiss watch exports in July.
Other Asian markets declined over the two-year comparable period, with Hong Kong exports falling by a quarter. Europe exports overall were close to flat compared with July 2019, the federation said.
Cheaper watches under CHF500 declined in both value and volume, as in previous months. Higher-end watches above CHF3,000 saw the strongest growth in value at 14%, the federation said.
Write to Joshua Kirby at [email protected]; @joshualeokirby
