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Exports of Swiss watches continued to rise with +11.8% year-on-year to 2.1 billion euros.
The 2 billion Swiss franc mark was passed “for the first time this early in the year“, the Swiss watchmaking federation said. In January, exports rose by 6.8% and in February by almost a quarter. Over the first three months, the increase was 14.3% to 5.8 billion Swiss francs.
Exports to Russia came to a halt in March, falling below the 1 million Swiss francs mark, the watchmaking federation said.
While Europe was suffering from the absence of tourists in 2021, growth has resumed with an increase in exports of 54.9% to the United Kingdom during the past month, 43% to Germany, 21.1% to France and 17.8% to Italy.
On the other hand, China, which has been a major contributor to the growth of Swiss exports for several years, fell back in March with a 27.6% drop due to restrictions linked to Covid-19. Nevertheless, the country remains the second most important market for the industry. Following the same trend, Hong Kong, in third place, posted a decline of 9.3%.
The watchmaking federation stressed, however, that these exports remain at a “very high level (…) after several years of sustained and uninterrupted growth“.
In terms of price categories, only watches with an export price of 3,000 Swiss francs or more saw a strong improvement of +15.8% in sales and an increase of 13.9% in volume. In contrast, the 200-500 Swiss francs category contracted significantly.
The export market has a bright future ahead of it, especially thanks to Europe, but investors are watching the effects of the confinements in China, as this is a regular and very important market for Switzerland.
Read also> SWITZERLAND: WATCH EXPORTS SOAR IN JANUARY THANKS TO EUROPE
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Exports of Swiss watches continued to rise with +11.8% year-on-year to 2.1 billion euros.
The 2 billion Swiss franc mark was passed “for the first time this early in the year“, the Swiss watchmaking federation said. In January, exports rose by 6.8% and in February by almost a quarter. Over the first three months, the increase was 14.3% to 5.8 billion Swiss francs.
Exports to Russia came to a halt in March, falling below the 1 million Swiss francs mark, the watchmaking federation said.
While Europe was suffering from the absence of tourists in 2021, growth has resumed with an increase in exports of 54.9% to the United Kingdom during the past month, 43% to Germany, 21.1% to France and 17.8% to Italy.
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Exports of Swiss watches continued to rise with +11.8% year-on-year to 2.1 billion euros.
The 2 billion Swiss franc mark was passed “for the first time this early in the year“, the Swiss watchmaking federation said. In January, exports rose by 6.8% and in February by almost a quarter. Over the first three months, the increase was 14.3% to 5.8 billion Swiss francs.
Exports to Russia came to a halt in March, falling below the 1 million Swiss francs mark, the watchmaking federation said.
While Europe was suffering from the absence of tourists in 2021, growth has resumed with an increase in exports of 54.9% to the United Kingdom during the past month, 43% to Germany, 21.1% to France and 17.8% to Italy.
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