Swiss watch exports gain as US, Japan offset steep China drop

Swiss watch exports eked out a slight gain in July as strong shipments to the US and Japan outweighed further declines in demand for premium and luxury timepieces in China and Hong Kong. Shipments rose 1.6% by value to CHF2.2 billion ($2.6 billion) in July from a year earlier as the number of watches exported during the month remained constant at about 1.4 million units, the Federation of the Swiss Watch Industry said Tuesday. The increases were driven by an 11% jump in exports to the US, the biggest market, and a 26% surge to Japan, which overtook China as the second-biggest market for Swiss timepieces. + A new wave of watchmakers respects classic Swiss designs The gains were countered by continued export declines to China and Hong, which fell 33% and 19% respectively, as a downturn in real estate values continues to roil consumer sentiment. The latest numbers show the surprising resilience of the US market, which overtook China as the top destination for Swiss watches in 2021, as ...