Swiss watch exports rebound in August, led by strong US demand

SWISS watch exports rose in August, rebounding from a July decline that marked the first monthly drop in more than two years.

Shipments rose by 4 per cent last month to 1.8 billion Swiss francs (US$2 billion), with the US, the top export market for the country’s timepieces, driving the increase with a 13.5 per cent rise, the Federation of the Swiss Watch Industry said on Tuesday (Sep 19).

The bounceback shows demand remains solid despite higher prices and slowing economic growth. The industry is still on track for a better performance than 2022, when exports hit a record above 24 billion francs, the federation said.

Growth is moderating, though, as exports to China, the second-biggest market, have been weakening. Exports to that country fell 27 per cent in August, the second month in a row of major declines.

That was offset by strength in Hong Kong, where exports jumped 29 per cent, and the UK, up 21.5 per cent.

Brands from Omega to Patek Philippe and Rolex have raised prices to counter higher input costs, boosting sales and profits. BLOOMBERG