Swiss watch exports gain as US, Japan offset China drop
Watches made by Swiss luxury brand Raymond Weil.
Keystone / Gaetan Bally
Select your language
Generated with artificial intelligence.
Listening: Swiss watch exports gain as US, Japan offset China drop
Swiss watch exports eked out a slight gain in July as strong shipments to the US and Japan outweighed further declines in demand for premium and luxury timepieces in China and Hong Kong.
Shipments rose 1.6% by value to CHF2.2 billion ($2.6 billion) in July from a year earlier as the number of watches exported during the month remained constant at about 1.4 million units, the Federation of the Swiss Watch Industry said Tuesday.
The increases were driven by an 11% jump in exports to the US, the biggest market, and a 26% surge to Japan, which overtook China as the second-biggest market for Swiss timepieces.
The gains were countered by continued export declines to China and Hong, which fell 33% and 19% respectively, as a downturn in real estate values continues to roil consumer sentiment.
The latest numbers show the surprising resilience of the US market, which overtook China as the top destination for Swiss watches in 2021, as well as Japan’s ongoing strength as a watch-shopping hub in Asia due to its weak currency.
The figures also underscore the depth and persistence of a China-led slowdown that’s tearing through the industry and hurting the top Swiss watch brands.
In July, Richemont reported a 27% decline in Greater China sales in the three months through June, dragging down overall sales of its watch brands, which include Vacheron Constantin, Jaeger-LeCoultre and IWC, by 13%.
Swatch Group AG, which owns Omega, Blancpain and Breguet, also said that month that China sales plunged 30% in the first half of the year.
Demand for pricey timepieces has waned after a spike when Covid lockdowns ended. Premium watch buyers have reined in spending amid higher interest rates, shaky economic growth and geopolitical conflicts.
Watchmakers are also suffering from continued strength of the Swiss franc that’s spurred price increases in some markets and deterred customers. Following another record in 2023, Swiss watch exports are down 2.4% in the first seven months of the year to CHF15.2 billion.
Watches exported at wholesale prices above CHF3,000 rose by 5.4% by value in July while watches below CHF200, which include Swatch Group’s popular Omega MoonSwatch collaboration, surged almost 14%, underscoring the challenges for mid-priced Swiss watches.
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
This content was published on
Solar energy pioneer Raphaël Domjan and his team continued preparations for the altitude record attempt at 10,000 metres with the SolarStratos solar aircraft.
This content was published on
Cattle in the canton of Geneva and in the neighbouring region of Terre Sainte in the canton of Vaud are being vaccinated against the contagious viral skin nodule disease. The first cases of the animal disease were reported at the end of June in France, just outside Geneva.
Fewer attacks on Swiss ATMs but their future remains uncertain
This content was published on
Bank ATMs in Switzerland are less prone to attacks by criminals, but their future remains uncertain given the less active use of cash by the population.
This content was published on
A series of rockfalls occurred above the village of Brienz between 9 and 12 July. According to the municipality of Albula, the overall situation remains tense. Several people disregarded the ban on entering the area around the village.
This content was published on
Arosa Bergbahnen achieved the highest figure in its 95-year history in the 2024/25 financial year with net revenue of CHF 37 million. Arosa Lenzerheide was able to capitalise on strengths such as snow reliability and the size of the ski area in a long winter season, the company announced on Thursday.
This content was published on
Unknown perpetrators stole ceramic dental implants during a break-in at a company in Oensingen, northern Switzerland, on Tuesday night.
Euro 2025: Bern prepares for massive parade ahead of Switzerland-Spain game
This content was published on
The last Euro 2025 match to be played in Bern, the quarterfinal between Spain and Switzerland at 9pm on Friday, promises to be a great celebration of football.
Clariant faces further ethylene price-fixing claim
This content was published on
Swiss chemicals group Clariant is facing a further claim for damages in connection with ethylene price-fixing agreements.
This content was published on
The Grande Dixence dam in Lower Valais is closed to visitors due to a rockfall last weekend. The nearby hotel also had to temporarily suspend operations for safety reasons.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.