The growth rate of Swiss watch industry exports has slowed in the months since the beginning of the year but remains positive.
So far, 2013 has been in phase with the forecasts. Growth is still the order of the day, but on a more measured basis than in previous years. The forecasts still suggest an increase in value at the year-end.
The growth rate of Swiss watch industry exports has slowed in the months since the beginning of the year. Over the first half as a whole, their value stood at 10.2 billion francs, up 0.8% on January-June 2012. The average trend therefore remains positive, despite a particularly high comparison base. While January still showed a strong advance in line with 2012, a reduction of around 3% was reported in three months (February, May and June).
Products
The value of watch exports reached 9.7 billion francs (+1.5%) but the trend in the number of pieces was less favourable. In the six months period, the branch exported 13 million timepieces, one million less than in the previous year (-7.4%). The number of steel watches rose (+1.7%) but that of gold and bimetal watches diminished.
Watches costing less than 200 francs (export price) saw a decline in the number of pieces sold by 12.9%, while the 200-500 francs segment maintained its distinctly rising trend. Timepieces priced between 500 and 3000 francs also performed slightly less well with a reduction in value of 3.3%. Watches priced at more than 3000 francs achieved growth amounting to a few points (+3.0% in value terms).
The total value of other products exported by Switzerland was 557.0 million francs, down by 9.6%. Movement exports fell (-17.7% in the number of pieces and -6.7% in value terms). Alarm clocks, table clocks and large clocks accounted for no more than a small share of the overall result: 19.8 million francs (+4.6%).
Markets
Looking at the fifteen foremost markets for the Swiss watchmaking industry, advances outstripped falls in the first half of the year. Almost all the falls were reported by the Far Eastern markets. The leading direct destination, Hong Kong, reported a decline of -11,1% as did China (-18,7%)in third place. Between the two, growth in the United States slackened but remained positive (+1,1%). Overall, Europe proved a very attractive market for the Swiss watch industry, except for France which recorded a substantial fall (-9,7%). Germany (+12,9%) and Italy (+7,6%) posted significant advances while the United Kingdom (+28,4%) and Spain (+19%) reported very strong growth. In Asia, Singapore lost a few points, as did Taiwan and Thailand. Growth in the Middle East was sustained.
