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The FHS Reports Swiss Watch Exports Up by 8.6% in November 2021

The watch industry rebound is confirmed.

| By Xavier Markl | 1 min read |

The Federation of the Swiss Watch Industry (FHS) has just released its export statistics for the month of November 2021, and these confirm that the luxury watch industry is clearly on the road to recovery. Swiss watch exports grew by 8.6% in November 2021, at CHF 2.2 billion, the highest monthly result since the record set in October 2014. More significantly, over the first 11 months of 2021, at CHF 20.4 billion, exports were 33.4% higher than 2020 and 2.1% higher than 2019, showing that the market is on its way to recovering from the pandemic. 

Source: Federation of the Swiss Watch Industry

Taking a look at the trend by region, the USA and China, the two largest watch markets, are clearly driving the growth. The USA are back at the first position with imports of CHF 2.8 billion over the first 11 months of the year (+55.7% versus 2020; +26.4% versus 2019). At CHF 2.7 billion, mainland China benefits from the reshoring of luxury spending with the ban on international travel (+31.0% versus 2020; +53.5% versus 2019). While most countries are on the path to recovery, the most affected are those depending on tourists, in particular Europe and Hong Kong.

Source: Federation of the Swiss Watch Industry

The 2021 watch exports should reach about CHF 22 billion for 2021, close to their 2014 record level (CHF 22.3 billion). Still, many uncertainties and challenges remain, in particular with Omicron casting its shadow.

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