Swiss Watch Industry in 2023

16 February 2024
Swiss Watch Industry in 2023

Swiss watchmaking closed 2023 with a 7.6 percent increase in exports compared to last year.

According to the data shared by the Federation of Swiss Watch Industry FH, the first six months of 2023 in Swiss watchmaking recorded about 12 percent growth in exports compared to the first half of last year. Despite a 3.6 percent decline in decline in export in the second half of the year, Swiss watchmaking closed 2023 with an export value of approximately 31 billion dollars, up 7.6 percent compared to last year.

The federation reports that mechanical watches accounted for almost 80 percent of the growth in export turnover, while the number of wristwatches exported increased by 7.2 percent year-on-year to $16.9 million. By price category, wristwatches over 3,000 francs accounted for 92 percent of export turnover, while those over 200 francs accounted for 83 percent. Thus, interest in watches in the 3,000 Swiss franc and above segment increased by 5 percent in 2023.

Swiss Watch Industry In 2023
Source: Federation of Swiss Watch Industry FH

In terms of world markets, Asia accounted for almost half of Swiss watch exports during 2023, with Europe accounting for 30 percent and the Americas for 19 percent. With a share of 4.1 billion Swiss francs, America was once again the top destination for Swiss watch exports this year, according to Federation figures. The United States was followed by China, Hong Kong, Japan and the United Kingdom.

Turkey ranked 20th in the Federation’s export table of the top 30 countries. Swiss watchmaking exports to Turkey amounted to 282 million Swiss francs this year. In our interview last year with Jean-Daniel Pasche, President of the Federation of Swiss Watch Industry FH, Pasche said that watch exports to Turkey had increased in recent years. As a matter of fact, it continued in 2023 with an increase of 14.8 percent. Turkey, which ranked 21st in the table last year, rose to 20th place in 2023.

The Federation of Swiss Watch Industry FH’s forecast for this year is that 2024 will be calmer, both in terms of exports and the number of people employed in the sector. We will take the pulse of watchmaking sector upcoming days.