Swiss watch exports fall 3.8% in November

Exports of Swiss watches decreased by 3.8% year-on-year in November, to 2.4 billion francs (2.5 billion euros). The crisis affected almost all of the top 10 markets, with the United States being the only exception, the Swiss Watch Federation reported Thursday.

The drop was due to significant declines in exports to China and Hong Kong, which plummeted by 27% and 18.8% respectively compared to November 2023, according to the Swiss Federation of the Watch Industry (FH).

Exports to Japan contracted by 2.5% and there was a “notable decline” in exports to the United Kingdom, the largest European market for Swiss watchmakers, where exports fell by 8.3%. Similarly, exports to Germany decreased by 11.3%, those to France by 2.9% and those to Italy, by 2.9%, three other key European markets.

Among the top 10 destinations for Swiss watches, only the United States recorded growth, with exports up 4.7% year-on-year.

During the first 11 months of 2024, exports decreased by 2.7% compared to the same period in 2023 and reached a total value of 23.9 billion francs since January.

After three years of strong growth following the COVID-19 crash in 2020, Swiss watch exports hit a record high in 2023, reaching CHF26.7 billion. However, the trend reversed in 2024 due to a sharp drop in exports to China, where the slowdown in the economy, rising youth unemployment and the housing crisis have weighed on consumer spending.