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Swiss watch exports enjoy record month

by Michael Weare
25 November, 2011
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About the author

Michael Weare has been a professional writer for 30 years, writing about Japanese technology, German and Italian cars, British tailoring and Swiss watches. Michael manages the editorial content of Click Tempus and will be keeping the magazine fresh and informative with regular features, as well as bringing great writers to the magazine. Email: michael@clicktempus.com

Champagne-cork

As you wonder where in the world your job went due to government cuts, retrenchment and economic doom, gloom and all out despair, spare a thought for those in the Swiss watch industry. That popping sound is champagne corks as the watch industry saw monthly watch exports rise to an all-time high in October 2011.

A total of 1.9 billion francs exceeded the October 2010 level by 18.6%. The upward trend therefore continues very clearly and shows no signs of flagging. The cumulative result over 10 months indicates a value of 15.3 billion francs, an increase of 19.5% compared to January-October 2010.

Meanwhile in Britain, Bank of England Governor Sir Mervyn King was expected to cut the growth forecast this year from 1.9% to 1%, while jobless figures could see the number of young unemployed reach one million for the first time since records began.

Gold rush

Gold watch

Gold watches supported the unprecedented growth with an upswing of more than 30% and alone accounted for half the total increase. Bimetallic timepieces followed the same trend, while steel watches remained slightly off the pace. The number of timepieces exported increased more modestly overall. Demand was more marked however for gold and platinum.

Rich getting richer

Judging by the more pronounced rise in the higher price segments; the value of exports increased by 15.2% between 500 and 3,000 francs (export price) and by 24.9% above 3,000 francs, it would seem that the old adage that the rich really do get richer seems to be borne out by the figures.

Go East, young man

Watch sales booming Hong Kong

However watches priced at below 500 francs saw their value increased by only a few points. The top three markets for Swiss watches remained the same. Hong Kong maintained its growth at a very high rate, albeit slightly slower than before.

The United States lost ground in October, while conforming to the global average for the January-October period. And aren’t you delighted to know that the lion’s share of Swiss watches, as well as much of the world’s global economy has headed to China which has recorded the highest increase of all by far, continuing its unstoppable progress.

Michael Weare | Website

Michael Weare has been a professional writer for 30 years, writing about Japanese technology, German and Italian cars, British tailoring and Swiss watches. Michael manages the editorial content of Click Tempus and will be keeping the magazine fresh and informative with regular features, as well as bringing great writers to the magazine. Email: michael@clicktempus.com

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