Swiss watch industry recovers from 2003 downturn – 19/05/04

SWITZERLAND. Swiss watch exports recorded a strong rise for the third consecutive month in April 2004, says the Federation of the Swiss Watch Industry (FH).

April revenues for finished watches rose +8.2% year-on-year at CHF818.7 million (US$641 million). Total revenues for the first quarter of 2004 reached CHF3,182 million (US$2,494 million) up +7.3% from CHF217 million (US$170 million) from the same period last year.

FH said that although figures suggest that Swiss watch-making might regain its 2002 level following the 2003 downturn, the trend for watch components “is not yet favourable”.

Revenues in the US for the January-April period rose +21.4% to CHF148.8 million (US$116.6 million), followed by France at +14.4% or CHF46.7 million (US$44.7 million) and Italy at +4.2% or CHF57.1 million. Sales in Hong Kong, the UK and Germany were sluggish with Germany’s revenues falling -5.1% year-on-year down to CHF45.7 million (US$35.8 million).

Cumulative results for January-April 2004

Swiss watch revenues by region

Steel and platinum watches performed well, leading the growth with more than +15% increase in value terms and in the number of timepieces exported. Steel watch revenues rose +15.2% year-on-year to CHF1287.1 million (US$1,007.2 million). 18 carat gold watch revenues rose +5.7% to CHF750 million (US$588 million). Silver, gold-plated and bi-metal (gold-steel) timepieces had less success in the 2004 first quarter period (see table).

Cumulative results for January-April 2004

Swiss watch revenues by materials

MORE ON THE SWISS WATCH INDUSTRY

Swiss watch industry slump continues in January – 24/02/04

Swiss watch exports “better than expected” in 2003 – 04/02/04

Growth returns to Swiss watch industry – 21/10/03