Swiss watch exports fell by 3.8% in November – 12/19/2024 at 10:02

Swiss watch exports fell by 3.8% year-on-year in November to 2.4 billion Swiss francs (2.5 billion euros) against a backdrop of a general decline in the ten largest markets, with the exception of United States, the watchmaking federation announced Thursday.

Exports of Swiss watches once again fell sharply to China and Hong Kong, where they fell by 27% and 18.8% respectively year-on-year in November, indicates the federation of the Swiss watch industry ( FH) in a press release.

But they also fell by 2.5% towards Japan and recorded “a significant drop” towards the United Kingdom, the leading market for Swiss watchmakers in Europe, where they fell by 8.3%, details the federation. watchmaker.

They also fell by 11.3% towards Germany, by 2.9% towards France and also by 2.9% towards Italy, its three other major outlets in Europe.

Of the ten largest markets for Swiss watchmakers, only the United States recorded an increase, with an increase of 4.7% over one year.

Over eleven months, the decline amounts to 2.7% compared to the same period in 2023, the cumulative exports since January amounting to 23.9 billion Swiss francs.

The Swiss watch industry had experienced three years of strong growth after a slump in 2020 with the shock of the Covid-19 pandemic. In 2023, watch exports reached a historic peak, peaking at 26.7 billion Swiss francs.

But the trend reversed in 2024 due to a fall in exports to China where consumption was affected by the economic slowdown, youth unemployment and the real estate crisis.