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

In December 2024, Swiss watch exports experienced a notable contraction, declining by 5.4%, with a total value of $2.207 billion **(approximately 2 billion Swiss francs).** This brings the total export value for the entire year of 2024 to $28.66 billion (approximately 25.9 billion Swiss francs), a decrease of 2.8% compared to 2023.

Main Data Analysis

1. Product Categories

• Wristwatches: Export volume decreased by 5.0%, with a value of $2.164 billion (approximately 1.956 billion Swiss francs).
• Other Products: Export volume decreased significantly by 13.7%.

2. Material Classification

• Steel Watches: Value decreased by 5.9%, continuing to impact overall performance, with a value of $703 million (approximately 635 million Swiss francs).
• Bimetal Watches: Value decreased significantly by 10.3%, with a value of $338 million (approximately 306 million Swiss francs).
• Precious Metal Watches: Value decreased by 3.4%, with a value of $881 million (approximately 796 million Swiss francs).

3. Price Range

• $200-500: Value decreased by 13.2%, the largest drop.
• Below $200: Value decreased by 5.9%.
• Above $3,000: Value decreased by 5.3%.
• $500-3,000: Performance remained relatively stable, with only a 1.8% decrease.

4. Main Markets

• United States: Slight decline of 1.0%, marking the first decrease in six months, with a value of $382 million (approximately 346 million Swiss francs).
• Hong Kong: Decreased by 6.4%, with a smaller drop compared to previous months, with a value of $176 million (approximately 159 million Swiss francs).
• China: Decreased significantly by 19.0%, continuing to show weak performance, with a value of $167 million (approximately 151 million Swiss francs).
• Japan: Decreased by 12.7%, influenced by the base effect, with a value of $152 million (approximately 138 million Swiss francs).
• United Arab Emirates: Slight increase of 0.6%, with a value of $150 million (approximately 136 million Swiss francs).
• United Kingdom: Increased by 5.8%, showing strong performance, with a value of $127 million (approximately 115 million Swiss francs).

Conclusion

In December 2024, Swiss watch exports faced challenges in all aspects, from product categories to price ranges and main markets, with nearly all indicators showing a downward trend. Nevertheless, some markets, such as the United Arab Emirates and the United Kingdom, still show potential for growth.

Exchange Rate Conversion: 1 Swiss franc ≈ $1.10 (as of December 2024 exchange rate)
Data Source: FH Swiss Watch Export Report