Exports of timepieces improved by 4% to 1.8 billion francs. Between January and August, shipments increased by 9.2% to 17.3 billion francs.
Swiss watch exports increased again in August after a slight decline during the month of July. It was the United States in particular which supported this recovery while shipments to China fell significantly.
During the period under review, exports of timepieces improved by 4% to 1.8 billion francs. Between January and August, shipments increased by 9.2% to 17.3 billion francs, noted a press release from the Swiss Watch Federation (FH) on Tuesday.
“This development (in August) confirms the normalization of growth expected during the second half of the year, which should lead the sector towards a less sustained but still significant increase compared to 2022,” comments the umbrella organization.
The United States, the leading destination for Swiss timepieces in August, recorded a jump of 13.5% to 297.8 million francs while exports to China, the second most important outlet, plummeted by 27. 3% to 190.2 million francs, continuing the negative trend of the month of July.
“This decline is due to a timid recovery of the market in a difficult economic context,” explains the FH.
Hong Kong (+29% to 146.3 million), on the other hand, recovered, as did the United Kingdom and France (+14%).