Swiss timepiece exports grew at a steady pace in January as US demand continued to compensate for a mixed performance in key Asian markets.
Total shipments rose 9% year on year to CHF 1.86 billion ($2.01 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday.
US orders recorded their 24th consecutive month of double-digit growth, gaining 26% to CHF 318.8 million ($344.7 million), the trade group added. Exports to Hong Kong advanced 10% to CHF 167.6 million ($181.8 million), while exports to mainland China dropped 17% to CHF 185.2 million ($200.3 million).
China “is still in a transitional phase following the lifting of health restrictions,” the federation explained. However, Hong Kong “appears to have felt the first tangible effects” of the mainland government’s reversal of the zero-Covid policy, it added.
High-end categories drove the increases, with exports of precious-metal watches gaining 13% year on year in January, while shipments of timepieces with export prices above CHF 3,000 ($3,244) also advanced 13%.
The growth follows 2022’s full-year export increase of 11% and December’s 6% rise.
Image: Luxury watches. (Shutterstock)