The Federation of the Swiss Watch Industry reported a sharp decline of 35.1% in Swiss watch exports in June, reaching 1.1 billion Swiss francs. This troubling trend follows steep drops in April and May, as the industry grapples with the widespread effects of the pandemic.
However, there is a silver lining in the data as exports to China surged by 47.7% in June, pointing to a potential resurgence in demand from a critical market. China’s rapid recovery from the initial impact of the virus has provided a glimmer of hope for the Swiss watch industry, which heavily relies on Asian markets for sales.
Conversely, exports to Hong Kong plummeted by 54.6% in June, reflecting the ongoing challenges faced by the industry in key Asian markets. Additionally, the United States saw a 57% decrease in Swiss watch imports, underscoring the global nature of the industry’s struggles.
As stores were forced to close during lockdowns and international travel ground to a halt, the Swiss watch industry faced unprecedented challenges. Despite these setbacks, there are positive signs of a potential recovery on the horizon, with Chinese demand showing promising growth.
Looking forward, the industry remains optimistic about a gradual improvement in the global market for Swiss watches. The resilience and adaptability of Swiss watchmakers are expected to play a pivotal role in navigating through the uncertainties caused by the pandemic.
For further information on Swiss watch exports and industry insights, visit the Federation of the Swiss Watch Industry’s website here. Additionally, for the latest updates and market trends in the watch industry, explore specialized resources at Statista.
