Swiss watch exports leap 19%

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Export grow to £6.63bn compared to first half of 2010.

The Federation of the Swiss Watch Industry has announced that Swiss watch exports have continued to grown in the first half of 2011, after a successful 2010.

To date, the export value after the first six months is CHF8.7 billion (£6.63bn), a 19.3% increase compared with the first half of 2010.

The Swiss watch industry’s main markets Asia and Europe have recorded respective growths of 24.3% and 13.3%. Exports to the United States have also increased, with 16.6% more Swiss watches exported in H1 compared to the same period last year.

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Gold watches have been an important factor in terms of growth by value, while wristwatch exports have increased almost 20% compared with the first half of 2010.

The Hong Kong market led in terms of value with a total value of CHF1.74 billion (£1.33bn), a 23.6% increase in value.
In 2010, Swiss watch exports saw a growth of more than 22%, with a timepieces and wristwatches with a value of CHF16.2 billion (£12.35bn) exported. At CHF8.7 billion (£6.63bn) at the halfway point of 2011, the industry is set for further growth by the year-end.

Last year, wristwatches accounted for nearly 94% of the exports by Swiss watch manufacturers, recording an increase of 22.7% compared 2009, totalling CHF15.1 billion (£11.51bn).

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