According to Bloomberg, the country’s watch sector reported a significant increase in exports in March. The decrease in Covid limitations in Hong Kong can be partly blamed for the increase, which is a continuation of a pattern that was established early in the epidemic.
According to a fresh study issued on Tuesday by the Federation of the Swiss Watch Industry, exports increased by 13.8% last month, reaching a total value of 2.4 billion CHF (about $2.7 billion).
Additionally, export volume increased by 300,000 watches, totaling more than 1.5 million pieces. Comparing the most recent number to the same month a year ago, there has been a 23.9 percent increase.
All of the six major markets mentioned by the trade association—the US, Hong Kong, China, Singapore, Japan, and the UK—had increases in exports in March, although the former British colony saw the biggest increases. According to the research, shipments to the center of the global banking system surged by roughly 61.9 percent. After three years of Covid restrictions, the Chinese territory—which the federation claims is presently the second-most valuable location for Swiss watches—dropped its mask mandate last month. It is now making efforts to restore its economy.
Hong Kong, China (where shipments increased by 14 percent), and Singapore (19 percent) could have a big demand for expensive watches.
However, there are indications that the other significant markets included in the study are beginning to cool off. Only 7.8 percent more goods were sent to the US, the most valued market, compared to February. This is less than half of the 16 percent rise. Similarly, to varied degrees, the UK (7.5%) and Japan (1.5%) underperformed.
Despite how well things have gone for Swiss watchmakers in recent years, industry insiders are well aware that the extraordinary demand can’t remain indefinitely. Patek Philippe President Thierry Stern told Bloomberg earlier this month that he is beginning to notice symptoms of a modest downturn. Despite this, 2023 is still expected to be a highly prosperous year for individuals in the watch industry.
Check the news Swiss Watch Exports Keep Increasing on Switzerland based Lifestyle Magazine- Kenleaks Magazine.