China ($ 2.5 billion) appears to be the largest and fastest growing importer of Swiss watches, increasing its purchases by + 9.1% per year on average over the past decade. Despite the Covid crisis, it increased its imports by 31%, while the rest of Switzerland’s trading partners reduced its supplies. The United States ($ 2 billion) and Hong Kong SAR ($ 1.7 billion) followed China in the ranking of top importers.
LOS ANGELES, December 17, 2021 (GLOBE NEWSWIRE) – According to a recent report published by the market research company IndexBox, China (+ 9.1% per year) has become the fastest growing importer of watches among Switzerland’s ten largest trading partners over the past decade. In 2020, China significantly increased its purchases of Swiss watches from $ 1.9 billion to $ 2.5 billion, while most other countries reduced their imports.
Watch exports from Switzerland have declined significantly, from $ 20.6 billion in 2019 to $ 17.2 billion in 2020, according to IndexBox. The total value of exports has grown at an average annual rate of + 1.7% over the past decade.
China ($ 2.5 billion), the United States ($ 2 billion) and Hong Kong SAR ($ 1.7 billion) are the largest Swiss watch markets, with a combined 36% share of total Swiss exports. Japan, the United Kingdom, Germany, the United Arab Emirates, Italy, South Korea, France, Spain, the Netherlands and Russia are somewhat behind, together accounting for 37 % additional.
Main importers of watches in the world
Hong Kong SAR ($ 5.1 billion), the United States ($ 3.7 billion) and China ($ 3.5 billion) were the countries with the highest levels of watch purchases in 2020, with a combined 40% share of world imports (this not only includes Swiss watches but refers to total figures).
China (+ 32.5%) has experienced the highest growth rate in the value of imports over the past year, while purchases for other world leaders have seen lower import figures.
IndexBox is an AI-driven developing market research firm market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on the consumption, production, trade and prices of more than 10,000 different products in 200 countries.
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Companies mentioned in the report
Ralph Lauren, Fossil Group, Citizen, Casio, Patek Philippe, Audemars Piguet, Rolex, Chopard, Breitling, Franck Muller, American Watch Company, Montrichard Group, Weiss Watch Company, Keaton Myrick, Vortic, DuFrane, RGM, Pelton, Kobold, Shinola , Throne, Detroit Watch Company, Talley & Twine, Charriol, Breitling SA, 88 Rue du RhÃ´ne, A. Favre & Fils, Abraham-Louis Perrelet, Allgemeine Gesellschaft der Schweizerischen Uhrenindustrie, Alpina Watches, Andreas Strehler, Arcadia Watches, Armand Nicolet, Audemars Piguet, Baume et Mercier, Bedat & Co, Blanchet, Blancpain, Marque, Carl F. Bucherer, Catorex Cecil Purnell, Century Time Gems, Certina Kurth FrÃ¨res, Charriol, Chopard Christian, Jacques, Chronoswiss, Corum, Cyma Watches, Czapek & Cie, Daniel Roth, De Grisogono, Ebel, Eberhard & Co., Endura Watch Factory, Era Watch Company, Ernest Borel, ETA SA, Eterna FP Journe, Favre-Leuba, Franck Muller, FrÃ©dÃ©rique Constant, Gallet & Co., General Watch Cie, Girard-Perregaux, Glycine Watch, Greubel Fors ey, Grovana Watch, Hanowa, Hublot HYT, International Watch Company, Jaeger-LeCoultre, Jean Perret, Jovial, Juvenia, Mouvements, Longines, Luminox Maitres du Temps, Manufacture Modules Technologies (MMT), Manufacture royale, Mathey-Tissot, Mauritius Lacroix, MB&F, Mb-microtec, Mido, Mouawad Ollech & Wajs, Omega SA, Oris, Parmigiani Fleurier, Patek Philippe & Co., Piaget SA, Rado, Raymond Weil, Ribordy Montres Richard Mille, Richemont, Roamer, Roger Dubuis, Rolex , Romain Gauthier Ronda, Rotary Watches, Sandoz Watches, Schwarz Etienne Sowind Group, Speake-Marin, TAG Heuer, The Swatch Group, Tissot Titoni, Tudor Watches, Ulysse Nardin, Universal GenÃ¨ve, Urwerk, Vacheron Constantin, Valbray Waltham International, West End Watch Co., Zenith, Zeno-Watch Basel, Zodiac Watches
Contact Information Mekhrona Dzhuraeva Editor [email protected]