Following the clear recovery of 2010, watch exports continued to grow in the first half of 2011. Their value after six months stood at 8.7 billion francs, an increase of 19.3% compared to the first half of 2010. Last year’s level was therefore surpassed by more than 1.4 billion francs. This strong increase placed the sector above the benchmark result of 2008.
Watch exports were unflinching in the first half-year, with all months showing two-digit levels of growth. Indeed in April and May the level exceeded 30%. Figures for March and June were more moderate due to a very unfavourable base effect.
The watch industry continues to record excellent results, while other sectors experience difficulties. However the impact on exports of a strong franc is having a serious effect. Margins are being hit at all levels in the distribution chain and the prices of products sold abroad are rising. In this context, which is likely to continue, industry forecasts remain optimistic and point to sustained growth for the year 2011.
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Source: Federation of the Swiss Watch Industry FH - www.fhs.ch
