July 21, 2021
Swiss watch exports accelerated their recovery in June, again driven by China and the United States, but Europe and Japan are still lagging behind, the Swiss Watchmaking Federation announced on Tuesday.
In June, Swiss watch exports approached CHF 2 billion ($ 2.1 billion), especially driven by the sale of luxury watches. This figure corresponds to an increase of 12.5% compared to the export level in June 2019, the Swiss Watchmaking Federation announced in a press release.
According to the Commonwealth, watch exports increased 71% in June 2021 compared to June 2020. Over the last three months, the organization has published most of its statistics to compare with its 2019 statistics. According to the federation, such comparisons are more appropriate (rather than comparing numbers with last year) to understand evolution. Given the magnitude of the shock last year, it’s in the sector.
Swiss watch exports reported a significant decline during the first wave of the pandemic. Exports fell 81.3% in April 2020 and 67.9% in May. In June, watch exports fell by 35.1% as the sector shook due to store closures and the suspension of tourism, which the luxury sector is very closely dependent on.
“The significant growth in Swiss watch exports in June further accelerated the return to normal,” the Swiss Watchmaking Federation said in a press release.
Exports have returned to near 2019 levels throughout the first half of this year, according to the Commonwealth. With total exports of Switzerland 10.6 billion in the first six months of 2021, watches only need to increase exports by 0.5% to return to pre-pandemic levels.
Export growth over the past month has been supported again by the Chinese market (up 93.7%) and the United States (up 35.4%). Exports to Hong Kong have also increased (up 5.2%) following a sharp decline in the months since the start of the archipelago-shaking democratization demonstrations.
Meanwhile, watch exports to Japan fell by 11%. Exports to Europe recovered slightly, up 3.1%, but with the exception of Italy (up 33.6%), all of the continent’s largest markets remained in the red and suffered from the absence of tourists. .. Exports of Swiss watches to the United Kingdom decreased by 5.4%, 15.3% to France and 11.1% to Germany.
Copyright © 2021FashionNetwork.com All rights reserved.
Swiss watch exports recover in June
Source link Swiss watch exports recover in June