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Swiss watch exports in 2020

The value of Swiss watch exports in 2020 - a year affected by the Covid-19 pandemic - fell to 17 billion francs compared with 21.7 billion in 2019
The value of Swiss watch exports in 2020 - a year heavily affected by the Covid-19 pandemic - fell to 17 billion francs compared with 21.7 billion a year earlier, a decline of 21.8%. This is comparable to the fall recorded in 2009 (-22.3%) during the financial crisis, which reduced the value of exports to their 2008 level.

Swiss watch exports in 2020

Following a historically poor second quarter (-61.6% compared with April-June 2019), the trend gradually recovered, resulting in just a 4.3% decline in the fourth quarter, in spite of the still highly unfavourable circumstances. 

The relative improvement in the situation was due almost entirely to China, which recovered sharply from June onwards (+50.1% in the second half of the year) because of domestic sales of goods that had previously been purchased abroad. The watch industry has been severely affected by the health crisis and in particular, by the restrictions it has imposed on international tourism. Travel retail, which is an important channel for sales of Swiss watches, has fallen to an extremely low level.

The digitalisation of customer relations and particularly, an increasing share of sales, has created new opportunities and partially offset the difficulties faced by traditional distribution channels. 

Exports of wristwatches were valued at 16.1 billion francs, a reduction of 21.4% compared with 2019. At the same time, the number of items exported fell by a third. Switzerland therefore shipped 13.8 millions watches abroad, 6.9 million fewer (-33.3%) than the previous year.

Declines were seen in all price segments and all the main materials used for watches, by both value and number of items. Watches priced at less than 500 francs (export price) saw the sharpest declines.

All the main regions were severely impacted by the decline in 2020. Asia accounted for 54% of Swiss watch exports by value and fell by 20.2% compared with 2019. Europe (-25.2%) was even more heavily affected and saw its market share decline to 29%. America, with a 15% share, recorded a 20.4% fall.

Less affected by the health crisis and with a very marked recovery in domestic purchases during the second half of the year, China was the only market to show growth (+20.0% compared with 2019). All the other main markets saw a sharp decline. In Asia, Hong Kong posted one of the most negative performances across the board, pushing it down to third place in the ranking of Swiss watch exports, after 12 years in first place. Among other Asian markets, Taiwan (-9.9%) held up better.

In Europe, France (-37.9%) and Italy (-33.3%) performed badly, while the United Kingdom (-24.6%) and Germany (-21.4%) were closer to the global average. The United States (-17.5%), which absorbs 80% of watch exports to the continent, saw a slightly less marked decline than the world as a whole, given a stronger recovery in the third quarter.

Although a high level of uncertainty remains, the recovery in watch exports that began in the third quarter, the methods deployed by brands to adapt to the situation and the undoubted appeal of Swiss watches suggest a more positive outlook for 2021. The recovery that is probably expected in the second quarter should result in steady growth for the year as a whole. Nonetheless, it is still difficult to predict when the sector will return to pre-crisis levels.

(Source: Federation of the Swiss watch industry FH)

COMMENTS

Name

A. Lange & Sohne,137,Accutron,1,AkriviA,10,Alain Silberstein,3,alarm,16,Alpina,14,Andersen Geneve,2,Andersmann,2,Andreas Strehler,5,Angelus,5,annual calendar,43,Anonimo,15,Anthony de Haas,1,Antiquorum,4,Antoine Martin,2,Antoine Preziuso,1,Apple,2,Apple Watch,2,Aquadive,2,Aquastar,1,Armin Strom,76,Arnold and Son,26,Artime,1,Astarwatch,1,Atelier de Chronometrie,1,Ateliers deMonaco,2,Atmos,1,Auctions,92,Audemars Piguet,93,Autodromo,1,automaton,2,BA111OD,1,Ball Watch,1,Bamford,2,Baselword 2022,1,Baselworld,8,BaselWorld 2013,50,BaselWorld 2014,53,Baselworld 2015,69,Baselworld 2016,27,Baselworld 2017,64,Baselworld 2018,75,Baselworld 2019,41,Baselworld 2020,2,Baume,4,Baume & Mercier,11,Baume et Mercier,65,Bell & Ross,39,Bernhard Lederer,4,Bernhard Zwinz,1,bespoke,1,Blancpain,93,blue dial,3,Bonhams,2,Bovet,12,Brands histories,1,Breguet,123,Breitling,73,Bremont,1,Bremont Watch Company,4,Breva,2,bronze,28,Bücherei,1,Bucherer,1,Bulgari,114,Bulova,2,Burberry,1,C3H5N3O9,1,carbon,3,carillon,3,Carl F. Bucherer,4,Carl Suchy,1,Carrera,17,Cartier,46,ceramic,20,Certina,11,Chanel,4,Chaumet,3,chiming hour,13,Chopard,42,Christiaan van der Klaauw,1,Christie's,9,Christophe Claret,5,Christopher Ward,14,chronograph,721,chronometer,39,Chronoswiss,6,Citizen,4,co-axial,1,column-wheel,7,complete calendar,27,complications,88,concept watch,5,Concord,1,constant-force,39,Corum,18,Credor,1,CSEM,1,Cuervo y Sobrinos,1,Cyrus,32,Czapek,8,Dan Niederer,1,Davosa,1,Daytona,7,De Bethune,28,de Grisogono,3,dead seconds,21,Delma,1,detent escapement,4,DeWitt,9,digital display,1,dive watches,58,diving,8,diving watches,378,double regulator,3,Doxa,34,drei,1,dress watches,504,dual time,101,Ebel,2,Eberhard,35,Edouard Koehn,5,Edox,6,El Primero,41,Emile Chouriet,1,Emmanuel Bouchet,1,Emmanuel Breguet,1,enamel dial,12,enamelling,15,Equation of time,9,ETA,1,Eterna,18,exhibitions,1,F.P.Journe,38,Faberge,2,factory tours,3,Favre-Leuba,1,feature article,82,features,118,Felipe Pikullik,2,Ferdinand Berthoud,8,flyback,55,Fondation de la Haute Horlogerie,1,Formex,1,Fortis,9,Franc Vila Founder,1,Franck Muller,7,Frederic Jouvenot,1,Frederique Constant,15,Furlan Marri,1,FVF,1,Gallet,1,Garrick,1,Geneva Watchmaking Grand Prix,8,Georg Jensen,1,George Daniels,4,Gerald Charles,2,Gerald Genta,12,Girard-Perregaux,48,Glashuette,19,Glashuette Original,88,Glashütte,33,Glashütte Original,121,Glycine,4,GMT,128,GoS,1,GoS Watches,1,GPHG,20,GPHG 2020,3,GPHG 2021,3,GPHG 2022,3,GPHG 2023,3,GPHG2019,1,Graham,6,Grand Feu,5,Grand Prix d’Horlogerie de Geneve,16,Grand Seiko,33,Grande Complication,28,Grande Sonnerie,8,Greubel Forsey,38,greubelforsey,1,Gronefeld,10,Grönefeld,8,Grossmann,3,guilloché,8,H. Moser and Cie,49,H20 Watch,1,Habring,10,Habring2,11,Hajime Asaoka,2,Hallmark of Geneva,2,Hamilton,37,hands-on,118,Hanhart,15,Harry Winston,11,Hautlence,6,Hermes,26,Heuer,2,high jewellery,2,high-frequency,3,Hublot,59,Hybris Artistica,1,Hydro Mechanical Horologists,7,HYT Watches,16,Icon,1,In pictures,17,independent watchmaker,35,industry news,227,interview,8,Interviews,8,IWC,166,Jacques Bianchi,1,Jaeger-LeCoultre,123,Jaquet Droz,58,Jean-Francois Mojon,1,Jean-Marc Pontroué,1,JeanRichard,3,jumping hours,36,Junghans,11,Kaj Korpela,1,Kari Voutilainen,10,Kenissi,1,Kollokium,1,Korpela,1,Krayon,4,Kudoke,5,Kurono,2,L.Leroy,1,L'Epee 1839,1,Labails,1,Ladies watches,191,Lang & Heyne,4,Lang 1943,1,Lange,48,large date,3,Laurent Ferrier,25,Laureus,2,Le Garde Temps,1,Lederer Watches,4,Leica,3,Lemania,1,Leroy,4,Linde Werdelin,2,Longines,94,Louis Erard,27,Louis Moinet,7,Louis Vuitton,1,luxury steel watch,24,LVMH,10,LVMH 2020,6,M.A.D.Edition,3,M.A.D.Editions,3,Maîtres du Temps,1,Manufacture Contemporaine du Temps,3,Manufacture Royale,3,Marc Lang,1,marine chronometer,2,Marqueterie,1,Maurice de Mauriac,2,Maurice Lacroix,26,MB&F,65,MCT,1,MeisterSinger,90,meteorite,3,metiers d'art,2,Mickey Mouse,2,Mido,59,military watches,14,Minerva,3,Ming,1,Minute Repeater,62,monopusher chronograph,4,Montblanc,57,moon phases,121,Moritz Grossmann,31,Moser,44,Muhle,6,Mühle-Glashütte,5,mystery watches,4,Nautilus,12,New Britain Corp,1,new watches,3600,Nivada,2,Nomos,76,Norqain,31,Ochs und Junior,6,Officine Panerai,103,Omega,191,Only Watch,15,Only Watch 2015,4,Only Watch 2017,2,Only Watch 2019,3,Only Watch 2021,4,Only Watch 2023,10,Oris,42,paillonne,1,Panerai,106,Parmigiani,14,Parmigiani Fleurier,33,Pascal Coyon,1,Patek,56,Patek Philippe,133,Pedrozo & Piriz,1,perpetual calendar,146,Perrelet,11,Petermann Bedat,3,Phenomen,1,Philippe Dufour,1,Phillips,10,Piaget,34,Pierre DeRoche,2,pilot watch,113,Pininfarina,1,Pisa,14,Pisa 1940,2,Pisa Circle,13,Pita,1,planetarium,2,platinum,7,pocket watch,3,pocket watches,2,Poehlmann-Bresan,2,Poincon de Geneve,2,Porsche Design,17,Pre-SIHH 2016: Cartier - Clé de Cartier Automatic Skeleton,1,pulsometer,5,Purnell,1,quartz,10,Rado,19,Ralf Tech,3,Ralph Lauren,2,rattrapante,23,Raul Pages,2,Raymond Weil,4,rectangular watches,16,reddot award,1,regatta,1,regulator,26,remontoire,5,Remy Cools,1,Renaud Tixier,1,Reservoir,2,resonance,21,Ressence,12,retrograde,10,Revelation,1,Reverso,26,review,119,RGM,1,RGM Watch Co.,1,Richard Mille,110,Richemont,4,Richmond,1,Roger Dubuis,11,Roger Smith,1,Roger W. Smith,1,Rolex,68,Romain Gauthier,12,Romain Jerome,1,Royal Oak,39,Rudis Sylva,1,sapphire,4,Schwarz Etienne,1,Seamaster,9,Seiko,41,SevenFriday,24,SIHH,3,SIHH 2012,4,SIHH 2013,25,SIHH 2014,36,SIHH 2015,43,SIHH 2016,44,SIHH 2017,41,SIHH 2018,43,SIHH 2019,53,Simon Brette,2,Singer,7,Singer Reimagined,11,single hand,27,single-hand watches,32,Sinn,16,skeleton,35,smartwatch,9,solar energy,1,Sotheby's,8,Speake Marin,6,Speake-Marin,6,Speedmaster,34,split seconds,22,sport,1,sport watches,934,sportwatches,1,Spring Drive,2,square watches,3,squelette,57,steampunk,1,Steinhart,1,Strehler,1,striking time,16,SuisseMecanica,1,sunrise,2,sunset,2,Swatch,9,Swatch Group,23,Sylvain Pinaud,2,table clocks,4,Tag Heuer,172,tantalum,1,technical insight,3,terra Cielo Mare,1,Theo Auffret,1,Tiffany,17,Tissot,8,titanium,8,top news,397,Torsti Laine,1,tourbillon,363,Trilobe,3,Tudor,35,Tulloch,1,Tutima,3,ultra thin,34,Ulysse Nardin,39,Unimatic,1,Union Glashutte,14,Universal Genève,1,Urban Jurgensen,29,Urwerk,22,Vacheron Constantin,80,Van Cleef & Arpels,7,Vauchier Fleurier,1,Vianney Halter,5,video,1,vintage watches,3,Vulcain,11,wandering hours,1,watches,1,Watches & Wonders,41,Watches & Wonders 2020,19,Watches & Wonders 2021,28,Watches & Wonders 2022,35,Watches & Wonders 2023,38,Watches & Wonders 2024,2,Watches&Wonders,5,WatchesandWonders2022,35,WatchesandWonders2023,39,WatchesandWonders2024,3,Wilhelm Schmid,1,Winnerl,1,worldtime,56,YEMA,4,Zannetti,1,Zeitwerk,2,Zeitwinkel,1,Zenith,110,Zodiac,9,
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Time and Watches | The watch blog: Swiss watch exports in 2020
Swiss watch exports in 2020
The value of Swiss watch exports in 2020 - a year affected by the Covid-19 pandemic - fell to 17 billion francs compared with 21.7 billion in 2019
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