Swiss Watch Exports Hit Record High

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With most Swiss exporters suffering under the strong franc, Swiss watch makers continue to buck the trend with exports soaring to a new record high in October thanks to the unabated appetite for luxury watches in Asia and a surge in demand in Europe, The Wall Street Journal reported this morning.
Today, the Federation of the Swiss Watch Industry announced that Swiss watch exports jumped 17% on the year in real terms to a record of 1.87 billion Swiss francs ($2.04 billion).  They continued to add that the year’s strong trend showed “no signs of flagging.”
Since the start of the year, Swiss watch exports–only topped by jewelry sales–soared 22% in real terms to 13.45 billion Swiss francs.
“The figures make us confident for the future,” Jean-Daniel Pasche, president of the Swiss Watch Industry, told Dow Jones Newswires. “Although the strong franc is pressuring some producers’ margins, we are in a very positive phase for the sector.”
According to the formal announcement, demand has been exceptionally strong for luxury watches that cost more than 3,000 francs apiece. This category often includes gold watches and platinum watches for men.  This category of Swiss watch grew by an enormous 25%.
Swiss watches are synonymous with luxury.  Manufacturers of Swiss watches include legendary names like Rolex, Tag Heuer and Breitling.
Swiss watches are revered in part because of the Swiss government’s efforts to protect the ‘Swiss made‘ label, which requires a watch maker to produce at least 60% of a watch in Switzerland.  It is almost essential for a luxury watch to be able to claim that it is indeed Swiss made.

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