WORLD WATCHMAKING INDUSTRY
IN 2023

SWISS WATCH EXPORTS

Swiss watchmaking continued to grow sharply in2023, following strong performance the previousyear. Watch exports achieved record value, while thecorresponding number of watches also increased
significantly. Swiss watch exports for the year as awhole exceeded their 2022 result by 7.6%, increasing to a total value of 26.7 billion francs. Growth in
the first half of the year was 11.8% before slowing,
as expected, to 3.6% in the second six months.

TOTAL VALUE

26.7 billion francs+7.6%

MAIN MARKETSMillion francs
4,500
4,000

+7.0%

3,500
3,000
2,500

+7.6%
+23.4%

2,000
1,500

+7.7%

+7.6%

1,0005000USA

China

Hong Kong

2022© Federation of the Swiss Watch Industry FH 2024

JapanUnited Kingdom

2023

1

SWISS WATCH INDUSTRYSWISS EXPORTS OF WATCHES
The number of wristwatches exported grew by
7.2% compared with 2022, to 16.9 million items.
This means that an additional 1.1 million watches
were shipped abroad in 2023, confirming the recovery already observed a year before. As a result, theexport value of watches increased by 7.7%, to 25.5billion francs.

WRISTWATCHES

25.5 billion francs+7.7%
16.9 million units+7.2%

TYPES OF WATCHES+40%+30%+20%+12.6%

+10%
0%

+7.0%

-10%
-20%
-30%
-40%

2021

2022

Mechanical watches

2023

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 2024

2

SWISS WATCH INDUSTRY

WATCHES BY PRICE RANGETREND OF THE DIFFERENT MATERIALSWith an increase of 940,000 units (+11.2%), watcheswith an export price of 200 francs represented 83%of the increase in the total number of items. At theother end of the price scale, watches priced at over
3,000 francs (+9.4% by value) generated 92% of thegrowth. Between the two, the 200-3,000 francs
segment varied only slightly compared with 2022,with an increase of +0.9% by value and +1.9%
number of items.

Steel watches, representing more than one item in
two, stagnated in 2023, by both volume (+0.4%) andvalue (+1.4%). Export turnover was mainly driven
by watches made from precious metals (+9.2%)
and bimetallic watches (+11.2%). The increase involumes is mainly due to the Other materials category (+28.1%), which saw exports rise by 1.1 million
items compared with 2022.

WATCHES BY PRICE RANGE+20%+14.0%+11.2%+9.4%+7.2% +7.7%+10%+4.5%

+3.0%

Units

+1.3%

+0.3%

Value

0%-2.3%-10%< 200 CHF

200-500 CHF

500-3,000 CHF> 3,000 CHF

Total

WATCHES BY MATERIALS
Value

Units

4%3%

6%

Precious metals
37%

29%

Steel

17%

Bimetallic
53%

Other metals

8%7%

36%

© Federation of the Swiss Watch Industry FH 2024

Other materials

3

SWISS WATCH INDUSTRY

MAIN MARKETS
North and South America (+6.7%), driven mainlyby the United States, absorbed 19% of Swiss
watch exports in 2023. Europe (+6.8%) followed
the same trend, representing a 30% share. Asia(+8.2%) accounted for almost half (49%) of Swiss
watch exports.
Having grown by 27.1% on average in 2021 and 2022,
watch exports to the United States (+7.0%) remained
very dynamic last year.
In Asia, China (+7.6%) posted growth identical to theglobal average after the market disruptions in 2022,
but has still not returned to its pre-crisis level (-6.9%
compared with 2021). Hong Kong (+23.4%) achieved a strong recovery following the lifting of healthrestrictions, which lasted three years and caused themarket to fall to a historically low level. Japan (+7.7%)
performed in line with the average, while Singapore(+2.5%) remained below it because of an unfavourable base effect. In the Middle East (+6.0%), theUnited Arab Emirates (+12.2%) outperformed, while
Saudi Arabia (+2.6%) saw more moderate growth.
The only shadow on the horizon, South Korea (-7.3%)
suffered the full effect of competition from the dutyfree market on the Chinese island of Hainan.
Performance in the main European markets was more
uniform, at +7.6% for the United Kingdom, +5.1%
for Germany, +8.1% for France, +9.3% for Italy and+5.7% for Spain.

SHARES AND VARIATIONS BY CONTINENT

+6.8%
+8.2%

+6.7%

+3.4%

America
AfricaEuropeAsia
Oceania19%+14.8%

1%30%© Federation of the Swiss Watch Industry FH 2024

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.
Swiss watch exports rose to the equivalent of 29.8
billion dollars in 2023, an increase of 7.6% in local
currency compared with the previous year.
Although the watch market in Hong Kong recovered, exports recorded by the special administrative
region – which are comparable to goods in transit –remained flat compared with 2022 (-0.5% excluding

exchange rate fluctuations). These amounted to 7.0
billion dollars and were mainly destined for China,
the United States, Switzerland, Macao and Japan.
Mainland China recorded a growth in watch
exports (+6.6%) comparable to Switzerland, at
4.8 billion dollars. Transit via Hong Kong again
fell sharply, in favour of more direct shipments
to Singapore (+24.5%), Australia (+60.5%) andMalaysia (+26.2%), among others. The main established markets of the United States, Japan andSwitzerland all declined.
Watch exports or re-exports from France increased
at the same pace in 2023 (+8.6%).
Following a sharp rise in 2022, Singapore consolidated its role as a redistribution platform, increasing by +1.0% in local currency.

MAIN EXPORTING COUNTRIES AND TERRITORIES
Billion dollars
30+7.6%252015105-0.5%
+6.5%

+8.3%

+1.0%

0Switzerland

Hong Kong

China2022© Federation of the Swiss Watch Industry FH 2024

FranceSingapore

2023

5WORLD WATCH INDUSTRYWORLD WRISTWATCH EXPORTS
As the main global exporter of watches by number of items, mainland China shipped 534.4 million items abroad in 2023. This represents a 3.4%
increase compared with 2022. The average priceof these watches remained stable, at 4 dollars(export price).

Germany faced a sharp contraction (-23.0%), to 12.9
million watches exported, with an average value of131 dollars. This development followed a significant
increase in 2022 (+17.2%) and brought its resultsback close to their 2020 level.
Conversely, the United States saw its exports andre-exports grow by 13.6% by volume, for a total of10.9 million items.

Switzerland saw a 7.2% increase in volumes over thesame period, to reach a total of 16.9 million watches
exported. Their average price was 1,679 dollars.

MAIN WRISTWATCH EXPORTING COUNTRIES AND TERRITORIESMillionunits

Variation

China

534.4

+3.4%

Hong Kong
Switzerland
Germany
United States

103.5-24.6%

16.9

+7.2%

12.9-23.0%

10.9+13.6%

AVERAGE PRICE OF EXPORTED WATCHES
Switzerland

1,679

USA147

Germany

131Hong Kong

50China

40200400600

800

1,000

1,200

1,400

1,600

1,800

Export price in dollars© Federation of the Swiss Watch Industry FH 2024

6WORLD WATCH INDUSTRYGLOBAL WATCH IMPORTS
Excluding Hong Kong, whose 8.4 billion dollars ofwatch imports were largely represented by goodsin transit, the United States remained the world’s
largest market for watches in 2023. It imported theequivalent of 7.0 billion dollars, a 4.8% increase
compared with the previous year.

Finished products (watches, alarm clocks, smallclocks and large clocks) represented 56% of theseimports and saw a decline in total value of 5.7%.
Overall, supplies of components (mainly watchcases and bracelets) increased by 5.4%, in line with
the increase in production and exports.

China saw a steady recovery in watch imports, following the significant fall seen due to the healthmeasures imposed in 2022. Imports of watchmaking products increased by 14.3% to 4.6 billion dollars, while remaining below their pre-crisis level.

Following very strong growth in 2022 (+30,4%),
French watch imports continued to increase in
2023 (+8.5% in local currency), to 3.7 billion dollars. Some of these products, however, continued
on to other countries.

Swiss watch imports fell slightly (-1.1% excluding
exchange rate fluctuations), to 3.9 billion dollars.

MAIN IMPORTING COUNTRIES AND TERRITORIES
Billion dollars
108+11.0%+4.8%

64+14.3%
-1.1%

+8.5%

20
Hong KongUSA

China

2022

Switzerland

France2023

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 20247