Switzerland’s watch trade grew in April as a recovery in China and Hong Kong outweighed a rare decline in US orders.
The country’s global timepiece exports rose 7% year on year to CHF 2.06 billion ($2.26 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday.
“Watch exports continued to grow strongly in April, following an excellent start to the year,” the organization said.
Supply to China surged 108% to CHF 201.6 ($221.4 million), benefiting from a favorable comparison with a period of lockdown in Shanghai during the second quarter of 2022. Shipments to Hong Kong gained 16% to CHF 172.4 ($189.4 million). However, exports to the American market saw their first drop in more than two years, falling 4.9% to CHF 307 million ($337.2 million).
Higher volumes mainly drove the overall increase, with the number of timepieces shipped rising 19% year on year to 1.3 million. In a similar vein, lower-priced watches were the best performers, with exports of items carrying a wholesale price below CHF 200 ($220) jumping 26% by value and 35% by volume.
Image: Luxury watches at a store in London. (Shutterstock)