WORLD WATCHMAKING INDUSTRY
IN 2022
SWISS WATCH EXPORTS

Swiss watchmaking had an excellent year in 2022.
Following the return to pre-Covid levels seen in2021, the sector has been on a path of solid growththat allowed it to achieve record performance, despite the significant decline in two of its three mainmarkets. Swiss watch exports rose to 24.8 billion
francs in 2022, exceeding their 2021 performance by
11.4%. Watches benefited in broad terms from thestrong demand for luxury products and the increasein global wealth. ‘Swiss made’ entry-level watches
were also a resounding success and ended the year
on a positive result.

TOTAL VALUE

24.8 billion francs+11.4%

MAIN MARKETSMillion francs
4,500
4,000
3,500

+26.3%

3,000
2,500

-13.6%

2,000-10.5%

1,500+19.5%

1,000+21.5%

500
0USA

China

Hong Kong

2021© Federation of the Swiss Watch Industry FH 2023

JapanUnited Kingdom

2022

1

SWISS WATCH INDUSTRYSWISS EXPORTS OF WATCHES
Wristwatches represented over 95% of export value
and generated 23.7 billion francs, 11.6% more thanin 2021. The number of items rose to 15.8 million,
50,000 (+0.3%) more than the previous year.

WRISTWATCHES

23.7 billion francs+11.6%

15.8 million units+0.3%

TYPES OF WATCHES
+50%
+40%
+30%

+11.8%+20%+10%+11.5%

0%
-10%
-20%
-30%
-40%
-50%

2020

2021

Mechanical watches

2022

Electronic watches

Change in the moving average

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

© Federation of the Swiss Watch Industry FH 2023

2SWISS WATCH INDUSTRY

WATCHES BY PRICE RANGETREND OF THE DIFFERENT MATERIALSThe main price segments all increased, except for the200-500 francs (export price) range. While the latter fellby 24.0%, its value represents less than 3% of export
turnover and only accounted for one growth point in
the overall result. Nonetheless, this long-term trend isa worry for the volumes concerned, which also fell by22.2%, or 625,000 items. This decline was offset byother price segments, with the final result in line with2021. Growth by value came almost exclusively fromwatches priced at over 3,000 francs (export price),with a sharp rise of 15.6% compared with 2021. This
was accompanied by an 11.9% rise in the corresponding number of items.

While all groups of materials increased by value in
2022, this was not true for the number of items, withsometimes diametrically opposed trends. Watches
made from precious metals (+13.9% by value) werethe main contributors to growth, despite representing less than 3% of export volumes. Steel watchesalso made a significant contribution to the overall
result but saw a marked contraction by number ofitems (-7.8%). This decline was offset by the striking
upturn in the Other materials category (+32.3%),
whose value increased in parallel by 40.3%.

WATCHES BY PRICE RANGE
+20%
+10%

+15.6%+11.9%+4.2% +5.9%+3.9% +4.8%+11.6%
+0.3%

0%
-10%

Units

-20%

Value
-22.2% -24.0%

-30%
-40%
< 200 CHF

200-500 CHF

500-3,000 CHF> 3,000 CHF

Total

WATCHES BY MATERIALS
Value
6%

Units

3%

3%

16%

Precious metals

24%

36%

Steel
Bimetallic
8%

57%

Other metals

8%39%© Federation of the Swiss Watch Industry FH 2023Other materials

3

SWISS WATCH INDUSTRY

MAIN MARKETS
North and South America achieved the highest levelof growth (+23.9%) and accounted for 19% of Swiss
watch exports in 2022. Asia (+4.4%) was held back by
the decline in its two leading markets. After five years
above 50%, it represented less than half (49%) of global exports. Growth in Europe (+15.8%) was closer tothe average and increased its share to 30%.
The United States (+26.3%) saw very strong growth
for the second consecutive year, taking it to a particularly high level.

(+19.5%), Singapore (+26.4%), the United ArabEmirates (+12.7%) and Taiwan (+15.0%) on theother. South Korea (+1.9%) recorded more moderate growth due to the absence of Chinese tourists. The fall in China was largely due to measures
to combat the pandemic, particularly the lockdownin Shanghai in the second quarter. The situation in
Hong Kong, which has declined by more than halfin eight years (-53.7%), reflects a long-term market
adjustment, combined with the consequences ofthe pandemic.

Asia was split between the decline in China (-13.6%)
and Hong Kong (-10.5%) on the one hand, and thesteady growth in other markets, such as JapanAll the major European markets grew, thanks to strong
local demand and the return of tourists from theUnited States and the Middle East, and elsewhere.

SHARES AND VARIATIONS BY CONTINENT+15.8%+23.9%

+4.4%

+5.8%

America
AfricaEuropeAsia
Oceania19%+27.1%

1%30%© Federation of the Swiss Watch Industry FH 2023

49%

2%4

WORLD WATCH INDUSTRYWORLD WATCH EXPORTS
The figures shown here illustrate watch exports
and imports from the world’s main players, excluding connected watches. These are not global
watch production data. The results for exports andimports are higher, since a single product can bere-exported and is therefore counted twice. Thisis particularly true in Hong Kong, which re-exports most of the watches that enter its territory.
Nonetheless, these data are an accurate reflectionof the key players involved and therefore highlightglobal trends in the sector.
Switzerland extended its lead with higher-than-average growth (+11.4% compared with 2021, in local
currency), shipping the equivalent of 26.0 billion dollars across all its markets in 2022.
Activity in Hong Kong continued to weaken as aresult of stringent health restrictions, which wereongoing. Its watch exports, which are comparable

to goods in transit, decreased by 8.3% comparedwith 2021, excluding exchange rate fluctuations.
Exports stood at 7.0 billion francs and were mainly
destined for the United States, China, Switzerland,
Macao and Japan.
Chinese watch exports grew significantly in 2022.
The increase in local currency was 8.2%, to 4.8 billion
francs. Goods transiting via Hong Kong decreasedby 8.0%, representing just 30% of Chinese shipments. The remainder was shipped to the UnitedStates, Japan, Switzerland and Singapore, which
saw a fourfold increase compared with 2021.
French watch exports and re-exports bounced
back strongly in 2022 (+21.6%), following the marked decline seen in the previous year. At the sametime, Singapore strengthened its role as a redistribution platform, with a 9.1% increase in re-exports
in local currency.

MAIN EXPORTING COUNTRIES AND TERRITORIES
Billion dollars
3025+11.4%

201510-8.3%

5+8.2%+21.6%

0Switzerland

Hong Kong

China2021© Federation of the Swiss Watch Industry FH 2023

France+9.1%
Singapore

2022

5WORLD WATCH INDUSTRYWORLD WRISTWATCH EXPORTS
China exported over half a billion watches in 2022
(540.5 million items). This represents a 26.7%
increase compared with the previous year. The average export price of these products was 4 dollars.
Conversely, Switzerland saw its volumes stagnate
at 15.8 million units (+0.3%), at an average price of1,569 dollars.

MAIN WRISTWATCH EXPORTING COUNTRIES AND TERRITORIESMillionunits

Variation

China

540.5+26.7%

Hong Kong
Germany
Switzerland
United States

137.3-14.3%

16.5+17.2%

15.8+0.3%

9.6+8.4%

AVERAGE PRICE OF EXPORTED WATCHES
Switzerland

1,569

USA156

Germany

100Hong Kong

38

China

40200

400

600

800

1,000

1,200

1,400

1,600

1,800

Export price in dollars© Federation of the Swiss Watch Industry FH 2023

6

WORLD WATCH INDUSTRYGLOBAL WATCH IMPORTS
Excluding Hong Kong and the 7.6 billion dollars ofwatch imports that largely transited through it, theUnited States was the world’s largest market forwatches. It imported the equivalent of 6.6 billion
dollars, an increase of 7.6% compared with 2021.

dollars (+8.9% excluding exchange rate fluctuations). Finished products (watches, alarm clocks
and other clocks) accounted for 58% of imports andincreased by 5.4% on average. Purchases of components grew even more strongly (+14.3%).

China lost ground due to its various lockdowns.
Watch imports to the country fell by 20.2% in local
currency, to 4.4 billion dollars.

The sharp recovery in France drove watch imports
to 3.3 billion dollars, a 30.4% increase comparedwith 2021. Some of this trade, however, continuedon to other countries.

Like exports, Swiss watch imports far outstripped the level seen in 2021, to stand at 3.7 billion

MAIN IMPORTING COUNTRIES AND TERRITORIES
Billion dollars
108-8.8%
6+7.6%

4-20.2%+8.9%

2+30.4%0Hong Kong

USA

China

2021

Switzerland

France2022

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

© Federation of the Swiss Watch Industry FH 20237