Swiss watchmaking stabilizes its monthly decline
The trend in Swiss watch exports in September was identical to the previous month, with China continuing to stand out from other markets. Switzerland exported the equivalent of 1.6 billion francs, a fall of 12.0% compared with September 2019. Cumulative results after nine months therefore saw a decline of 28.3%, to 11.4 billion francs. Although slightly less marked than previously, the fall in volumes was still significant, at -25.2% compared with September 2019. Watches priced at less than 500 francs (export price) recorded the sharpest declines in September, falling by 23.9% by value and 30.5% by number of items. The 500-3,000 francs category saw an increase in value of 2.7%. Although modest, this is the first sign of growth in one of the main price segments since January. At the same time, watches priced at over 3,000 francs saw their value fall by 13.5% compared with September 2019. Swiss watch exports remain heavily focused on China, to the detriment of other markets. Exports to China leapt by 78.7% in September and fell sharply almost everywhere else.