Swiss watch industry resolute as exports remain strong
Significant increases year-on-year (YoY) in the value of Swiss watch exports to a number of countries across Europe and Asia contributed to the total being significantly up in August versus the same month last year.
Total Swiss watch exports were up +9% YoY, with the UK (+46%) and Germany (+34%) showing particularly significant increases. India continues its surge up the rankings too, this time up +40% YoY.
It means that the 12-month moving average is in positive territory for the first time in two years.
The number of units shipped was also up +10% to 1.1 million, which shows robustness at a time when there are fears about volumes deteriorating and relying on increasing premiums too much.
The only major dampener was the USA, which the industry relies on so much. Swiss watch exports to the States dipped -19% in August YoY, which everyone will be hoping is a blip rather than the beginning of a trend. Against 2024 the figures are even worse, with exports being down -39% in value terms.
France’s ongoing impressive figures — this time up +113% year-on-year — can largely be explained by the increasing logistical centralisation in Europe, where brands use France as a consolidation point for all of their EU VAT/customs processes, and take advantage of the country’s extensive shipping networks and larger airports.
