WORLD WATCHMAKING INDUSTRY

IN 2022

SWISS WATCH EXPORTS

Swiss watchmaking had an excellent year in 2022.

TOTAL VALUE Following the return to pre-Covid levels seen in
2021, the sector has been on a path of solid growth
that allowed it to achieve record performance, des-
pite the significant decline in two of its three main
24.8 billion francs markets. Swiss watch exports rose to 24.8 billion
francs in 2022, exceeding their 2021 performance by
11.4%. Watches benefited in broad terms from the

+11.4% strong demand for luxury products and the increase

in global wealth. ‘Swiss made’ entry-level watches
were also a resounding success and ended the year
on a positive result.

MAIN MARKETS
Million francs
4,500
4,000
3,500 +26.3%
3,000
2,500
-13.6%
2,000
1,500 -10.5%
+19.5% +21.5%
1,000
500
0
USA China Hong Kong Japan United Kingdom

2021 2022

© Federation of the Swiss Watch Industry FH 2023 1

 SWISS WATCH INDUSTRY

SWISS EXPORTS OF WATCHES

Wristwatches represented over 95% of export value

and generated 23.7 billion francs, 11.6% more than
in 2021. The number of items rose to 15.8 million,
WRISTWATCHES
50,000 (+0.3%) more than the previous year.
23.7 billion francs

+11.6%
15.8 million units

+0.3%

TYPES OF WATCHES
+50%
+40%
+30%
+11.8%
+20%
+10%
+11.5%
0%
-10%
-20%
-30%
-40%
-50%
2020 2021 2022

Mechanical watches Electronic watches

Change in the moving average

Export prices
All the values stated in the watch industry statistics are export prices and not the sale price to the final
consumer (retail price).

© Federation of the Swiss Watch Industry FH 2023 2

 SWISS WATCH INDUSTRY

WATCHES BY PRICE RANGE TREND OF THE DIFFERENT MATERIALS

The main price segments all increased, except for the
200-500 francs (export price) range. While the latter fell
by 24.0%, its value represents less than 3% of export
turnover and only accounted for one growth point in
the overall result. Nonetheless, this long-term trend is
a worry for the volumes concerned, which also fell by
22.2%, or 625,000 items. This decline was offset by
other price segments, with the final result in line with
2021. Growth by value came almost exclusively from
watches priced at over 3,000 francs (export price),
with a sharp rise of 15.6% compared with 2021. This
was accompanied by an 11.9% rise in the correspon-
ding number of items.
While all groups of materials increased by value in
2022, this was not true for the number of items, with
sometimes diametrically opposed trends. Watches
made from precious metals (+13.9% by value) were
the main contributors to growth, despite represen-
ting less than 3% of export volumes. Steel watches
also made a significant contribution to the overall
result but saw a marked contraction by number of
items (-7.8%). This decline was offset by the striking
upturn in the Other materials category (+32.3%),
whose value increased in parallel by 40.3%.

WATCHES BY PRICE RANGE

+20% +15.6%
+11.9% +11.6%
+10% +4.2% +5.9% +3.9% +4.8%
+0.3%
0%

-10%
Units

-20% Value
-22.2% -24.0%
-30%

-40%
< 200 CHF 200-500 CHF 500-3,000 CHF > 3,000 CHF Total

WATCHES BY MATERIALS
Value Units

3% 3%
6%
24%
Precious metals
36%
16%
Steel

Bimetallic
8%
57%
Other metals
8%

39% Other materials

© Federation of the Swiss Watch Industry FH 2023 3


MAIN MARKETS
North and South America achieved the highest level
of growth (+23.9%) and accounted for 19% of Swiss
watch exports in 2022. Asia (+4.4%) was held back by
the decline in its two leading markets. After five years
above 50%, it represented less than half (49%) of glo-
bal exports. Growth in Europe (+15.8%) was closer to
the average and increased its share to 30%.
The United States (+26.3%) saw very strong growth
for the second consecutive year, taking it to a parti-
cularly high level.
Asia was split between the decline in China (-13.6%)
and Hong Kong (-10.5%) on the one hand, and the
steady growth in other markets, such as Japan
SHARES AND VARIATIONS BY CONTINENT
+15.8%
+23.9%
+5.8%
America
Africa
Europe
Asia
Oceania
19% 1% 30%
© Federation of the Swiss Watch Industry FH 2023
SWISS WATCH INDUSTRY
(+19.5%), Singapore (+26.4%), the United Arab
Emirates (+12.7%) and Taiwan (+15.0%) on the
other. South Korea (+1.9%) recorded more mode-
rate growth due to the absence of Chinese tou-
rists. The fall in China was largely due to measures
to combat the pandemic, particularly the lockdown
in Shanghai in the second quarter. The situation in
Hong Kong, which has declined by more than half
in eight years (-53.7%), reflects a long-term market
adjustment, combined with the consequences of
the pandemic.
All the major European markets grew, thanks to strong
local demand and the return of tourists from the
United States and the Middle East, and elsewhere.
+4.4%
+27.1%
49% 2%
4

WORLD WATCH EXPORTS
The figures shown here illustrate watch exports
and imports from the world’s main players, exclu-
ding connected watches. These are not global
watch production data. The results for exports and
imports are higher, since a single product can be
re-exported and is therefore counted twice. This
is particularly true in Hong Kong, which re-ex-
ports most of the watches that enter its territory.
Nonetheless, these data are an accurate reflection
of the key players involved and therefore highlight
global trends in the sector.
Switzerland extended its lead with higher-than-ave-
rage growth (+11.4% compared with 2021, in local
currency), shipping the equivalent of 26.0 billion dol-
lars across all its markets in 2022.
Activity in Hong Kong continued to weaken as a
result of stringent health restrictions, which were
ongoing. Its watch exports, which are comparable
MAIN EXPORTING COUNTRIES AND TERRITORIES
Billion dollars
30
25
+11.4%
20
15
10
5 -8.3%
0
Switzerland Hong Kong
2021
© Federation of the Swiss Watch Industry FH 2023
WORLD WATCH INDUSTRY
to goods in transit, decreased by 8.3% compared
with 2021, excluding exchange rate fluctuations.
Exports stood at 7.0 billion francs and were mainly
destined for the United States, China, Switzerland,
Macao and Japan.
Chinese watch exports grew significantly in 2022.
The increase in local currency was 8.2%, to 4.8 billion
francs. Goods transiting via Hong Kong decreased
by 8.0%, representing just 30% of Chinese ship-
ments. The remainder was shipped to the United
States, Japan, Switzerland and Singapore, which
saw a fourfold increase compared with 2021.
French watch exports and re-exports bounced
back strongly in 2022 (+21.6%), following the mar-
ked decline seen in the previous year. At the same
time, Singapore strengthened its role as a redistri-
bution platform, with a 9.1% increase in re-exports
in local currency.
+8.2%
+21.6% +9.1%
China France Singapore
2022
5
 WORLD WATCH INDUSTRY

WORLD WRISTWATCH EXPORTS

China exported over half a billion watches in 2022

(540.5 million items). This represents a 26.7%
increase compared with the previous year. The ave-
rage export price of these products was 4 dollars.

Conversely, Switzerland saw its volumes stagnate

at 15.8 million units (+0.3%), at an average price of
1,569 dollars.

MAIN WRISTWATCH EXPORTING COUNTRIES AND TERRITORIES

Million
Variation
units
China 540.5 +26.7%
Hong Kong 137.3 -14.3%
Germany 16.5 +17.2%
Switzerland 15.8 +0.3%
United States 9.6 +8.4%

AVERAGE PRICE OF EXPORTED WATCHES

Switzerland 1,569

USA 156

Germany 100

Hong Kong 38

China 4

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

Export price in dollars

© Federation of the Swiss Watch Industry FH 2023 6

 WORLD WATCH INDUSTRY

GLOBAL WATCH IMPORTS

Excluding Hong Kong and the 7.6 billion dollars of
watch imports that largely transited through it, the
United States was the world’s largest market for
watches. It imported the equivalent of 6.6 billion
dollars, an increase of 7.6% compared with 2021.
dollars (+8.9% excluding exchange rate fluctua-
tions). Finished products (watches, alarm clocks
and other clocks) accounted for 58% of imports and
increased by 5.4% on average. Purchases of compo-
nents grew even more strongly (+14.3%).

China lost ground due to its various lockdowns.
Watch imports to the country fell by 20.2% in local
currency, to 4.4 billion dollars.
Like exports, Swiss watch imports far outstrip-
ped the level seen in 2021, to stand at 3.7 billion
The sharp recovery in France drove watch imports
to 3.3 billion dollars, a 30.4% increase compared
with 2021. Some of this trade, however, continued
on to other countries.

MAIN IMPORTING COUNTRIES AND TERRITORIES

Billion dollars
10

8
-8.8%
6 +7.6%

4 -20.2%
+8.9%
+30.4%
2

0
Hong Kong USA China Switzerland France

2021 2022

Values and variations

Results of watch industry exports and imports at global level are expressed here in dollars to facilitate
comparison between the main players. On the other hand, the variation rates are calculated using data
stated in local currencies in order to eliminate foreign exchange effects.

© Federation of the Swiss Watch Industry FH 2023 7