Swiss watch exports reach record $27 billion in 2022
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In 2022, Swiss watch exports grew by 11.4%, reaching a record 24.8 billion Swiss francs ($26.9 billion). Such data today, January 24, introduced Federation of the Swiss Watch Industry (FH).
“The sector has entered strong growth, which allowed it to achieve record results, despite significant declines in two of the three main markets (China and Hong Kong.— ”b”),” FH notes. “Overall, watch sales have benefited from good demand for luxury goods and rising global wealth.”
Exports to North and South America in 2022 increased by 23.9%, to other European countries – by 15.8%. Rather weak growth was shown by exports to Asia – by 4.4%. This is due to the decline in exports to two major local markets: exports to China decreased by 13.6%, to Hong Kong – by 10.5%. This is primarily due to lockdowns and other measures to combat COVID-19 last year. FH also noted the “limited impact of the geopolitical situation in Russia”, which they estimate at about 1% of sales per year.
Growth slowed down significantly in December to 5.8% (to $2.2 billion) versus double-digit percentage growth in other months of 2022. FH predicts “lower than 2022 but significant” export growth in 2023.
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