Swiss watch exports rose sharply in May as the US market rallied and China continued to recover.
Shipments of timepieces climbed 14% year on year to CHF 2.34 billion ($2.61 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The increase marked the fifth straight month of growth this year.
“Swiss watch exports grew at a particularly strong pace in May,” the organization said. “The five-month trend remains very positive across the board.”
Supply to the US jumped 10% to CHF 359.4 million ($400.9 million) following a 4.9% decline in April. Shipments to China surged 158% to CHF 237.4 million ($264.9 million), benefiting from a favorable comparison with the same month a year ago, when Shanghai was in lockdown. Exports to Hong Kong “recovered rapidly” as tourists returned, up 19% to CHF 227 million ($253.3 million). Those rises outweighed a “significant decline” of 22% in orders from South Korea, the federation noted.
Watches priced under CHF 200 ($223) saw the most improvement, soaring 27% year on year. Items worth between CHF 500 ($558) and CHF 3,000 ($3,349) gained 15%, as did the CHF 3,000-plus category. Exports of timepieces valued from CHF 200 to CHF 500 slipped 3.7%.
During the January-to-May period, Swiss watch exports advanced 11% year on year to CHF 10.88 billion ($12.15 billion).
Image: A display of Swiss watches. (Shutterstock)