The export of watches by the Swiss has reached a new high

Exports grew by 5.5% year over year through December 2023, helping to reach a total of CHF 26.7 billion, up 7.6% for the entire year.

Additionally, the amount of watches exported increased in a unique way, from 15,788,938 in 2022 to 16,923,059 in the previous year.

Although a shift towards more affordable watches is not evident in the December figures, it is anticipated that average prices per unit will flatten or even decline in 2024 with the introduction of new entry-level models.

While steel watch exports decreased by 2.4% during the month, the value of precious metal watch exports increased by 9%.

Of all Swiss watches, steel watches make up about half of their export value.

A soft middle in the Swiss watch market is causing increasing amounts of worry. December saw a 12.8% increase in exports of watches priced under CHF 200 and a 9.2% increase in watches priced over CHF 3,000.

However, there was a 9% decline in the CHF 200–3,000 sector.

key markets for watches made in Switzerland

In December, the United States jumped to become the fifth largest market in the world for Swiss watches, with exports to the US up 11.6%, Hong Kong up 15.2%, Japan up 26.8%, and the United Arab Emirates up 11.8%.

The UK was by far the worst-performing major market in December, with exports falling by a substantial 12.1%.

With a 7% increase to a total of CHF 4.2 billion, the United States remained by far the largest market for Swiss watches throughout the year.

China and Hong Kong ranked second and third, with respective values of CHF 2.8 and 2.4 billion, surpassing the size of the US market when taken as a whole.

With exports worth CHF 1.8 billion versus CHF 1.7 billion, Japan and the UK were virtually tied for fourth and fifth place in the league table.