Swiss watch exports rose strongly in January as US demand supported the sector amid a downturn in orders from China.
Global shipments increased 7% year on year to CHF 1.7 billion ($1.85 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday [February 17]. The improvement also reflected a favorable comparison with the sluggishness the industry suffered a year earlier, when figures for the US and Hong Kong were weak.
“The base effect created by the result achieved in the two main markets in January 2021 played a significant role in the change seen 12 months later,” the federation explained.
In January 2022, supply to the American market jumped 38% to CHF 252.3 million ($274 million). This outweighed a 12% drop in exports to China — which saw its first year-on-year decline since the start of the Covid-19 crisis — and a 10% fall in shipments to Hong Kong.