THE SWISS AND WORLD
WATCHMAKING INDUSTRIES IN 2021
SWISS WATCH INDUSTRYSWISS WATCH EXPORTS

22.3 billion francs+2.7%

The return to pre-crisis levels as early as September
and positive performance in the fourth quarter produced the best-ever annual results for the sector,
at 22.3 billion francs, 2.7% higher than in 2019(+31.2% compared with 2020) and a 0.2% improvement over the 2014 record.

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MAIN MARKETS
3,500
3,000

+27.8%

2,500+48.8%

2,000natio
Vari aredpcom 019
to 2-20.7%

1,500-11.9%1,000-2.4%

500■ Value inmillions of francs

0USA

China

Hong Kong© Federation of the Swiss Watch Industry FH 2022

JapanUnitedKingdom

1

SWISS WATCH INDUSTRYSWISS EXPORTS OF WATCHESWRISTWATCHES

15.7 million units
21.2 billion francs-23.8%+3.5%

Exports of wristwatches increased by 3.5% compared with 2019, to 21.2 billion francs. The numberof items, however, continued to fall, to 15.7 million.
This is a decline of 4.9 million (-23.8%) comparedwith 2019.

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+40%
+30%

+2.9%+20%-11.2%

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Change in the movingaverage-10%-20%-30%■ Mechanical watches■ Electronic watches-40%-50%

20192020

2021

Export prices
All the values stated in the watch industry statistics and hence in this document are export prices and not the saleprice to the final consumer (retail price).

© Federation of the Swiss Watch Industry FH 2022

2SWISS WATCH INDUSTRY

Watches by price range
Watches priced at less 500 francs (export price) fell
sharply, accounting for over 95% of the decline involumes, with a 25.1% drop in their export value.
The decline in value for watches priced between
500 and 3,000 francs was significantly less marked(-3.5%), while watches priced at over 3,000 francs
grew by 9.7%.

Trend of the different materials
The groups of materials that saw the highest decline
in volumes were steel (-21.4%) and the Other materials category (-37.4%). Value was driven mainly by
watches made from precious metals (+7.8%) andsteel (+2.9%).

WATCHES BY PRICE RANGE
+20%
+7.2%

+10%

+9.7%
+3.5%

0%
-3.5%

-10%

-8.8%

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200-500 CHF

500-3,000 CHF-23.8%> 3,000 CHF■ Units■ ValueTotal

WATCHES BY MATERIALSValue
5%Units

3%

3%
18%

35%

17%

10%

7%

40%

© Federation of the Swiss Watch Industry FH 2022

62%

■ Precious metals■ Steel■ Bimetallic■ Other metals■ Other materials

3SWISS WATCH INDUSTRY

Main markets
Among the main regions, America (+21.7% compared with 2019) recorded the strongest growththanks to the United States, absorbing 17% ofSwiss watch exports. In Asia (+1.0%), growth inChina was offset by often marked declines in mostother markets on the continent. Its market share
was 52%. Europe fell overall (-3.4%), with a market
share of 29%.
The United States (+27.8%) witnessed remarkable
growth throughout the year and was once again
the leading market for Swiss watch exports. China(+48.8%) came in just behind, thanks to continuing
steady growth. Between them, these markets

represented 27% of total value and accounted formost of the growth observed.
Hong Kong (-20.7%), Japan (-11.9%) and SouthKorea (-18.7%) all saw sharp falls. Conversely,
Singapore (+0.6%) returned to its 2019 level, while
the United Arab Emirates (+6.4%) outstripped it.
In Europe, the United Kingdom (-2.4%) fared betterbut still declined and Germany (-5.9%) recorded anotable fall, while the situation remained challenging in France (-11.2%), Italy (-11.5%) and Spain(-12.9%). The Netherlands (+12.6%) grew strongly,
probably for logistical reasons.

-3.4%

+1.0%

+21.7%
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-16.5%+17.1%

4WORLD WATCH INDUSTRYWORLD WATCH INDUSTRYWorld watch exports
The figures quoted here illustrate watch exports
and imports by the main countries concerned. They
do not represent data for world watch production.
While this may be estimated at around 1.2 billion
timepieces, the export and import figures are in fact
higher because a product may be re-exported andtherefore stated twice. However, this data does
clearly reflect the forces involved and highlights theglobal trends of the branch.

Trade with Hong Kong, the majority of which ismade up of products in transit, amounted to USD
7.7 billion, a fall of 6.9% compared with 2019, inlocal currency. The main destinations for re-exports
were China, the United States, Macau, Switzerland
and Japan.
Business in China failed to return to its pre-pandemic level in 2021, with watch exports totalling USD
4.7 billion, a decline of 11.4% compared with 2019.
A third of this trade transited through Hong Kong,
while the remainder was mainly directed at theUnited States, Japan and Switzerland.

The Covid-19 pandemic again created a challenging
context for most of the main producing or exporting
regions in 2021.
Swiss watch exports, however, were less severely
affected and have already exceeded their pre-crisis levels, increasing by 2.7% compared with 2019(excluding the effect of foreign exchange rates). At
USD 24.4 billion, they represented 45% of global
trade, increasing to over 50% if re-exports from
Hong Kong are deducted.

French watch exports or re-exports saw one of thesharpest declines, amounting to USD 2.5 billion, afall of 24.1% compared with 2019, in local currency.
Germany, however, regained its pre-crisis level inlocal currency (+0.1%), generating value equivalent
to USD 2.0 billion.

MAIN EXPORTING COUNTRIES AND TERRITORIES
2515natio
Vari aredpcom 019
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20+2.7%-6.9%

5-11.4%-24.1%

+0.1%

China

FranceGermany0Switzerland

Hong Kong■ Value in billions ofdollars

Values and variations
Results of watch industry exports and imports at global level are expressed here in dollars to facilitate comparison
between the main players. On the other hand, the variation rates are calculated using data stated in local currencies in order to eliminate foreign exchange effects.

© Federation of the Swiss Watch Industry FH 2022

5

WORLD WATCH INDUSTRYWorld wristwatch exports
China remained by far the largest exporter ofwatches by number of items. It did not, however, return to its pre-crisis level, following the fallrecorded in 2020. It exported 427.9 million watches
in 2021, or 33.6% fewer than in 2019. The average
price of these products was USD 5 (export price).
Logically, re-exports from Hong Kong fell last year,
reflecting the performance of the main global
players. Ultimately, 160.1 million watches wereshipped abroad (-19.1% compared with 2019), at
an average price of USD 36.
Switzerland followed the same trend, with a fall of
23.8% compared with 2019, to 15.7 million items.
The average price again increased sharply, to USD
1,475 compared with USD 1,256 the previous year
and USD 998 in 2019.

MAIN WRISTWATCH EXPORTING
COUNTRIES AND TERRITORIESMillionsof units

Variation

China

427.9

-33.6%

Hong Kong
Switzerland
GermanyUSA

160.1-19.1%

15.7-23.8%

13.6-19.9%

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AVERAGE PRICE OF EXPORTED WATCHES
Switzerland

1,475USA154Germany121

Hong Kong

36

China

50

■ Export price in dollars
200400600800© Federation of the Swiss Watch Industry FH 2022

1,000

1,200

1,400

1,6006WORLD WATCH INDUSTRY

MAIN IMPORTING COUNTRIES AND TERRITORIES
108natio
Vari ared
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6+26.9%4+30.9%-13.5%

2-15.8%0Hong Kong

USA

China

World watch industry imports
As a major hub for the main producing companies, Hong Kong achieved a high level of watch
imports, valued at USD 8.4 billion (+3.8% compared with 2019, excluding the effect of foreignexchange rates).
Strong growth in the American market returned theUnited States to second place in terms of global
watch imports. The US absorbed the equivalent of
USD 6.2 billion in 2021, an increase of 26.9% in
local currency.

Switzerland■ Value in billions ofdollars

FranceDespite its increase in activity, Switzerland reduced
its reliance on imports (-13.5% compared with2019, to CHF 3.6 billion). The sharpest declines
were in watch cases and wristlets, in particular in the improvement sector. Imports of foreign
watches also declined, but to a lesser extent.
France improved its position slightly, to fifth place(USD 2.8 billion, -15.8% in local currency), to thedetriment of Japan, which saw a more marked
decline (-18.3% compared with 2019).

China followed close behind, at USD 5.8 billion andgrowth of 30.9%.

© Federation of the Swiss Watch Industry FH 20227