Foto Pierre Albouy / Reuters
The main contribution to the dynamics was provided by wristwatches: their exports grew by 10% and amounted to 2.075 billion francs, Finmarket writes. In total, the industry grew by 2.8% to 4.09 billion francs in January-February.
The geography of demand in February was heterogeneous. The most notable growth was recorded in the USA (+26.8%, to 431.5 million francs), France (+57.1%, to 152.7 million) and Japan (+23.7%, to 155.9 million). Positive dynamics were also observed in the UK (+10%) and Singapore (+5.1%). The exception was Hong Kong, where exports fell by 5.1% to 146.5 million francs. Together, these six markets accounted for more than half (53.7%) of all shipments and showed an overall growth of 19.3%.
Exports of Swiss watches are traditionally regarded as an indicator of global demand for luxury goods, including jewelry and diamonds, so the current data may indicate a gradual revival of consumer activity in the premium segment.
At the same time, the overall foreign trade picture of Switzerland in February was less unambiguous. The trade surplus increased to 4.445 billion francs against 3.463 billion in January. However, in monthly terms, exports fell by 2.7% (to 22.206 billion francs) and imports by 8.3% (to 17.761 billion). Adjusted for inflation, the decline was less pronounced: exports decreased by 0.3%, imports – by 5.1%.
