Switzerland's watches export hit record $29 billion in 2023

 

Switzerland is known for delivering high quality premium clocks and watches. Switzerland is also the biggest exporter of clocks and watches. According to Switzerland import export data, the overall exports of clocks and watches from Switzerland were estimated to be $29 billion during last fiscal year. There was a 14% increase in Switzerland's watches exports.

Switzerland's wrist watches were in great demand. Swiss watches exports hit a record $17.6 billion last year. Also, 30% share of Switzerland's watches exports include precious metal watches exports. Whereas, watch straps exports were $398 million during last fiscal year. The United States was the leading importer of clocks and watches from Switzerland with 15% market share. 

As per Switzerland export data reports, the USA exported around $4.5 billion in 2023. Whereas, the fastest growing markets for Switzerland's watches exports were China, Hong Kong, Japan, United Kingdom and Singapore respectively. Rolex, Rado Watch, Richemont International and Ulysse Nardin are some of the sophisticated swiss watches suppliers from Switzerland with the highest number of shipments last year. 

Swiss precious metal watches have shown a hike in exports compared to FY 2022. There was a 10% rise in the Swiss precious metal watch exports. Switzerland customs data shows $10 billion worth of precious metal watches exports during FY 2023. The United States and Hong Kong were the leading markets for Swiss precious metal watches having around 15% and 14% market share respectively. 

There was a significant rise in precious metal watches in China, Singapore, Japan and the United Kingdom. Rolex, Richemont International, Montres Breguet, and Chopard are some of the leading switzerland watches export companies. In terms of watch strap exports, there was a 17% rise in the exports of watch straps from Switzerland during 2023. 

France accounted for the highest value of watch straps, bracelets and watch bands imports from Switzerland with $80 million worth in 2023. Also, there was a notable increase in the exports to the United States, Hong Kong, Italy and Thailand. The top watch parts, bands and bracelets exporting companies from Switzerland are Comadur, Audemars Piguet and Louis Vuitton Malletier.

On the other hand, imports of Switzerland's watches increased by 5%. As per Switzerland import data reports, the overall watches imports by Switzerland were recorded to be $3.8 billion in FY 2023. China and France were the top watches suppliers to Switzerland with 18% and 16% market share respectively.

There was a significant increase in the watches imports from Germany (8.5%), Italy (8.3%), Thailand (7%) and Hong Kong (6%) during FY 2023. M/S. Tag Heuer, Graff Diamonds, Patek Philippe and Tissot were the biggest watch import companies in Switzerland. 

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