Data Reviews

Analysis of Export Market Dynamics in November 2024 by the Swiss Watch Industry Federation (FH)

瑞士鐘錶工業聯合會
28
Dec

October Watch Market Review

Click here for October Analysis

  • Overall Market Performance: Total export value was 2.3 billion Swiss francs, a decrease of 2.2% year-on-year. In the first 10 months of 2024, cumulative exports exceeded 21.5 billion Swiss francs, with a decline of 2.6%.

  • Material Category Analysis: The export value of steel watches decreased by 7.6%, while the export value of precious metal products only decreased by 1.2%, indicating stable demand for luxury products.

  • Main Market Dynamics
    U.S. Market: Exports grew by 11.3%, accounting for 18% of total exports.
    Japanese Market: Exports grew by 20.4%, showing strong demand.
    Chinese Market: Exports decreased by 38.8%, becoming a major obstacle in the global market.
    Hong Kong Market: Exports decreased by 14.8%.

  • Market Trends: The downward trend in exports is consistent with the overall performance at the beginning of the year, indicating challenges faced by the industry.

November Watch Market Overview

Overall Market Performance
  • In November 2024, the total export value of Swiss watches was 2.4 billion francs, a decrease of 3.8% compared to November 2023. Cumulative export data shows that the total value from January to November 2024 was 23.9 billion francs, a year-on-year decline of 2.7%.
Product Category Analysis
  • Watches: Export units decreased by 9.4%, with a total value of 2.311 billion francs, a reduction of 3.4%.
  • Watches made of different materials showed varied performance, with steel watches down by 5.8%, while precious metal watches only decreased by 2.2%.
  • Other materials and metals saw larger declines, falling by 20.4% and 27.3%, respectively.

FHS Nov.24 report

Main Market Dynamics
U.S. Market: Exports increased by 4.7%, accounting for 17.5% of total exports.
Japanese Market: Exports decreased by 2.5%, showing strong demand.
Chinese Market: Exports decreased by 27%, marking the largest drop in major global markets.
Hong Kong Market: Exports decreased by a double-digit percentage relative to China, reaching 18.8%.
 
Conclusion
The performance of the Swiss watch industry in November 2024 indicates ongoing market challenges. Overall, Swiss watch exports face difficulties, particularly in major markets, but some smaller markets like South Korea and India show growth potential.
 
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