Swiss watch exports slowed in July after strong growth earlier in the year, the Swiss Watch Industry Federation FH reported on Tuesday.
Compared to July 2022, they fell slightly (-0.9 percent), but still reached 2.2 billion Swiss francs (2.9 billion euros), as the statistics show.
However, this monthly development, which the watch association explains “with a negative base effect in China and Singapore” and a decline in exports of stainless steel wristwatches (-6.1 percent), has no significant impact on the general trend or forecasts for 2023, so the association. The most important sales markets also recorded slower or lower growth in July.
Exports to China, the second largest international market for Swiss watches, fell by 16.6 percent. Singapore (-7.1 percent), France (-14.2 percent), Italy (-9.7 percent) and South Korea (-24.1 percent) also slowed down the monthly result.
In contrast, they rose in the most important overseas market, the USA (+5.2 percent), particularly in Hong Kong (+6.3 percent), Japan (+5.9 percent) and the United Kingdom (+5.6 percent). percent), which remains the largest market for Swiss watches in Europe.
At the end of July, the watch and watch association announced that exports had risen by 11.8 percent to 13.3 billion Swiss francs (13.8 billion euros) in the first half of the year, after two years of record values. (AFP)
This translated post previously appeared on FashionUnited.fr