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Year 2014: moderate growth for the Swiss watch industry

In 2014 exports of the Swiss watch industry recorded a total value of 22.2 billion francs, corresponding to an increase of 1.9% compared to 2013.


Watch exports remained positive over the year, despite a gradual loss of momentum. While the first half-year saw an increase in value of 3.1%, growth was only 0.8% in the second half with a negative trend observed in November and December, linked to the autumn events in Hong Kong and the decline of the Chinese market.

Exports by the Swiss watch industry consisted essentially of wristwatches. With a value of 21.0 billion francs, these accounted for nearly 95% of total exports. 28.6 million watches left Switzerland in 2014, almost half a million more than in 2013.

Growth was buoyed by mechanical watches, which recorded upturns both in value and volume terms (+3.4% and +8.8% respectively). They accounted for just over a quarter of timepieces exported and generated nearly 80% of sales. Quartz watches stagnated in volume terms (-0.9%) and lost several points in terms of value (-4.1%).

Regarding markets, the American continent (+4.5%) recorded above-average growth, thanks mainly to the United States (+6.2%). Asia recorded an upturn of 2.8%, albeit with disparities between markets. Hong Kong attained the same level as in 2013. The leading market for Swiss watch exports staged a recovery in the first half-year, but showed little movement in the second half, before hitting a wall at the end of the period. On a broader scale, China showed the same profile however the final result was negative (-3.1%). Despite a slowdown which took effect in September, Japan (+15.2%) ended the year with an excellent result. Middle Eastern markets also registered strong increases, however the best performer was South Korea (+18.5%) which continued to surge ahead.

Europe ended the period with a decline of 1.2%. Not all markets followed the same trend. Italy remained stable (+0.5%), whereas Germany (-6.4%) and France (-6.0%) recorded downturns of similar magnitude. The United Kingdom (+2.3%) and Spain (+9.8%) recorded above par results, while Russia (-1.2%) ended the year slightly below its 2013 level.

The table below shows the trend in the January-December 2014 period in the fifteen main markets (total value in million Swiss Francs and % variation by comparison with 2013):

1
Hong Kong4,122.90.0%
2
USA2,377.7+6.2%
3
China1,401.5-3.1%
4
Japan1,330.6+15.2%
5
Italy1,235.0+0.5%
6
Germany1,223.7-6.4%
7
Singapore1,119.8-1.4%
8
France1,119.3-6.0%
9
UAE1,017.6+8.9%
10
United Kingdom973.8+2.3%
11
South Korea636.5+18.5%
12
Spain466.5+9.8%
13
Taiwan443.9+3.0%
14
Saudi Arabia391.4+11.1%
15
Russia276.4-1.2%

In a context which is clearly less robust, especially after the recent move by the Swiss central bank to remove the 1.20 peg in the EUR/CHF exchange rate, forecasts have been revised. In 2015, watch exports are expected to remain stable in relation to 2014. Exchange rate fluctuations in particular will continue to be monitored closely and the results of the first months of 2015 will be decisive in assessing the general situation.

COMMENTS

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Name

A. Lange & Sohne,47,AkriviA,6,alarm,3,Alpina,7,Andersmann,1,Andreas Strehler,4,Angelus,3,annual calendar,22,Anonimo,2,Antoine Martin,2,Antoine Preziuso,1,Apple,1,Apple Watch,1,Aquadive,1,Armin Strom,21,Arnold and Son,18,Astarwatch,1,Ateliers deMonaco,2,Auctions,42,Audemars Piguet,22,Autodromo,1,BaselWorld 2013,50,BaselWorld 2014,53,Baselworld 2015,69,Baselworld 2016,27,Baselworld 2017,64,Baume et Mercier,15,Bell & Ross,13,Bernard Lederer Universe,1,Blancpain,21,BLU,1,Bovet,3,Breguet,37,Breitling,31,Bremont Watch Company,3,Breva,2,bronze,2,Bücherei,1,Bulgari,22,Burberry,1,C3H5N3O9,1,carillon,1,Carl F. Bucherer,2,Carrera,4,Cartier,33,ceramic,1,Chaumet,2,chiming hour,2,Chopard,18,Christie's,1,Christophe Claret,5,Christopher Ward,3,chronograph,253,chronometer,19,Chronoswiss,3,Citizen,2,co-axial,1,column-wheel,7,complete calendar,2,complications,52,concept watch,4,Concord,1,constant-force,21,Corum,11,CSEM,1,Czapek,1,Daytona,1,De Bethune,11,de Grisogono,2,dead seconds,13,detent escapement,2,DeWitt,7,diving watches,105,double regulator,1,drei,1,dress watches,178,dual time,63,Eberhard,9,Edox,1,El Primero,13,Emile Chouriet,1,Emmanuel Bouchet,1,enamel dial,3,enamelling,13,Equation of time,5,Eterna,17,exhibitions,1,F.P.Journe,14,Faberge,2,Favre-Leuba,1,features,17,Ferdinand Berthoud,1,flyback,28,Fondation de la Haute Horlogerie,1,Fortis,3,Franck Muller,5,Frederique Constant,5,Geneva Watchmaking Grand Prix,6,Georg Jensen,1,George Daniels,1,Girard-Perregaux,34,Glashuette,13,Glashütte,24,Glashütte Original,26,Glycine,2,GMT,46,GPHG,1,Graham,5,Grand Feu,1,Grand Prix d’Horlogerie de Geneve,6,Grand Seiko,5,Grande Complication,16,Grande Sonnerie,2,Greubel Forsey,16,Gronefeld,5,Grönefeld,5,Grossmann,3,guilloché,1,H. Moser and Cie,17,Habring,4,Habring2,5,Hajime Asaoka,1,Hallmark of Geneva,1,Hamilton,9,hands-on,4,Harry Winston,8,Hautlence,2,Hermes,9,high jewellery,1,Hublot,9,Hybris Artistica,1,Hydro Mechanical Horologists,7,HYT Watches,11,independent watchmaker,3,industry news,70,IWC,53,Jaeger-LeCoultre,64,Jaquet Droz,12,JeanRichard,3,jumping hours,16,Junghans,4,Kaj Korpela,1,Kari Voutilainen,4,Korpela,1,Ladies watches,64,Lang & Heyne,1,Lange,4,large date,1,Laurent Ferrier,10,Le Garde Temps,1,Lemania,1,Leroy,3,Linde Werdelin,1,Longines,26,Louis Moinet,4,LVMH,1,Maîtres du Temps,1,Manufacture Contemporaine du Temps,3,Manufacture Royale,3,marine chronometer,1,Maurice de Mauriac,1,Maurice Lacroix,5,MB&F,19,MCT,1,MeisterSinger,18,metiers d'art,1,mido,1,military watches,6,Minute Repeater,31,Montblanc,34,moon phases,57,Moritz Grossmann,14,Moser,17,Muhle,3,Mühle-Glashütte,3,mystery watches,2,Nautilus,2,New Britain Corp,1,new watches,1315,Nomos,12,Ochs und Junior,3,Officine Panerai,41,Omega,41,Only Watch,2,Only Watch 2015,4,Only Watch 2017,2,Oris,21,Panerai,14,Parmigiani Fleurier,13,Pascal Coyon,1,Patek,1,Patek Philippe,48,perpetual calendar,57,Perrelet,4,Philippe Dufour,1,Phillips,1,Piaget,14,Pierre DeRoche,1,pilot watch,45,platinum,1,pocket watch,1,pocket watches,2,Poincon de Geneve,1,Porsche Design,10,Pre-SIHH 2016: Cartier - Clé de Cartier Automatic Skeleton,1,pulsometer,4,quartz,2,Rado,3,Ralf Tech,2,Ralph Lauren,2,rattrapante,13,Raul Pages,1,Raymond Weil,1,rectangular watches,1,regulator,10,remontoire,2,resonance,2,Ressence,4,retrograde,2,Revelation,1,Reverso,12,Richard Mille,33,Richmond,1,Roger Dubuis,10,Roger Smith,1,Roger W. Smith,1,Rolex,23,Romain Gauthier,5,Romain Jerome,1,Royal Oak,12,Rudis Sylva,1,Seiko,8,SevenFriday,2,SIHH 2012,4,SIHH 2013,25,SIHH 2014,36,SIHH 2015,43,SIHH 2016,44,SIHH 2017,40,SIHH 2018,1,Singer,1,Singer Reimagined,1,single hand,1,single-hand watches,3,Sinn,6,skeleton,11,smartwatch,6,solar energy,1,Sotheby's,1,Speake-Marin,3,Speedmaster,8,split seconds,4,sport watches,280,squelette,32,steampunk,1,striking time,8,SuisseMecanica,1,Swatch,2,Swatch Group,3,table clocks,1,Tag Heuer,49,terra Cielo Mare,1,Tiffany,9,top news,20,Torsti Laine,1,tourbillon,172,Tudor,8,ultra thin,21,Ulysse Nardin,21,Union Glashutte,1,Urban Jurgensen,10,Urwerk,10,Vacheron Constantin,55,Van Cleef & Arpels,5,Vauchier Fleurier,1,Vianney Halter,3,Vulcain,9,wandering hours,1,Watches & Wonders,14,Watches&Wonders,1,worldtime,23,Zenith,34,Zodiac,1,
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Time and Watches: Year 2014: moderate growth for the Swiss watch industry
Year 2014: moderate growth for the Swiss watch industry
Year 2014: moderate growth for the Swiss watch industry. In 2014 exports of the Swiss watch industry recorded a total value of 22.2 billion francs, corresponding to an increase of 1.9% compared to 2013. Exports by the Swiss watch industry consisted essentially of wristwatches.
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