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Yesterday, Tuesday, July 19, the Federation of the Swiss Watch Industry revealed in a press release that watch exports performed well in the first half of 2022.
Indeed, watch exports have increased to most markets in the first six months of the year, with the exception of Asia due to health restrictions. Numerous anti-Covid measures such as confinements in April and May prevented the Chinese market in particular from performing as usual, disrupting supply chains at the same time.
However, this did not prevent the latter from achieving good results, ending the half-year on a high note. Swiss watch exports rose by 11.9% year-on-year in the first half of the year to 11.9 billion Swiss francs (11.9 billion euros).
These results were driven by strong demand from the United States, Europe, and the Gulf countries. In H1 2022, Swiss watch exports increased by 31.4% to the US, 41.8% to Spain and 36.5% to France. In addition, the United Arab Emirates dominate the Gulf with 36.4%, followed by Qatar with 22.2% and finally Saudi Arabia with 18%.
In terms of price, watches costing more than 3,000 Swiss francs accounted for most of the growth in value and obtained the most demand from customers, with an increase of 15.5%. Exports of watches worth between 500 and 3,000 Swiss francs rose by 6%. Exports of watches at lower prices, between 200 and 500 Swiss francs, fell by 16.8%.
Exports impacted by the Chinese health situation
But only one country stands out from the others in terms of exports: China. Although it has been severely restricted in recent months, this country is regaining strength as it benefits from “the gradual easing of anti-Covid measures after two months of partial closure,” the federation points out.
Its decline was high and limited to 6.4% in June, after a fall of 57.8% in April and 65.2% in May. In H1 2022, watch exports to China fell by 26.3% to 1.12 billion Swiss francs. Many groups such as Swatch and Richemont have reported shortfalls in China during the first six months of the year. The latter amounted to 400 million Swiss francs for Swatch and Richemont saw its quarterly sales fall by 37%.
As for the federation’s forecasts, it remains partially optimistic for the rest of 2022. The federation has expressed several concerns about the difficulty of sourcing raw materials or equipment, energy and transportation costs, labor shortages and the strength of the franc.
Read also > SWATCH GROUP REPORTS SOLID RESULTS FOR THE FIRST HALF OF 2022
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Yesterday, Tuesday, July 19, the Federation of the Swiss Watch Industry revealed in a press release that watch exports performed well in the first half of 2022.
Indeed, watch exports have increased to most markets in the first six months of the year, with the exception of Asia due to health restrictions. Numerous anti-Covid measures such as confinements in April and May prevented the Chinese market in particular from performing as usual, disrupting supply chains at the same time.
However, this did not prevent the latter from achieving good results, ending the half-year on a high note. Swiss watch exports rose by 11.9% year-on-year in the first half of the year to 11.9 billion Swiss francs (11.9 billion euros).
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Yesterday, Tuesday, July 19, the Federation of the Swiss Watch Industry revealed in a press release that watch exports performed well in the first half of 2022.
Indeed, watch exports have increased to most markets in the first six months of the year, with the exception of Asia due to health restrictions. Numerous anti-Covid measures such as confinements in April and May prevented the Chinese market in particular from performing as usual, disrupting supply chains at the same time.
However, this did not prevent the latter from achieving good results, ending the half-year on a high note. Swiss watch exports rose by 11.9% year-on-year in the first half of the year to 11.9 billion Swiss francs (11.9 billion euros).
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