Swiss watchmaking in January 2002: Expected downturn

January started the year 2002 with a decline of 4.4% compared to January 2001. This downturn was foreseeable and coincides with the trend that began in the latter part of last year, albeit to a lesser extent. The value of Swiss watch exports therefore totalled 733.9 million francs. Although in decline, this result is satisfactory, compared to the exceptional performance achieved twelve months previously.ProductsUnitsChange in %
2002/2001Value in CHFChange in %
2002/2001Finished watches2.183.868- 16.4
669.275.424

 4.6
Movements413.161- 3.5
10.447.859
22.1
Cases282.66457.9
3.698.589
27.0
Detached parts45.377.054

 9.4
Clocks 5.128.520
8.3
Total733.927.446

 4.4

In one month, 2.2 million finished watches left Switzerland. This represents more than 400.000 fewer timepieces than in january 2001. This sizeable reduction of volumes seems to be gathering pace. In terms of materials, habits are changing. Indeed, while exports of gold watches fell by value (- 13.0%), those of steel and bimetallic models increased (+ 3.0% and + 2.8% respectively). In volume terms, the unusual increase of aluminium products is noteworthy (+ 3.9%).
Finished watches by materialsUnitsChange in %
2002/2001Value in CHFChange in %
2002/2001Gold
35.029
0.7
182.427.220

 13.0
Platinum
705

 14.4
15.396.707
7.2
Silver
3.242

 15.4
2.358.196

 10.7
Gold-plated
45.334

 13.7
9.333.297

 31.6
Steel
786.603

 6.5
276.067.716
3.0
Gold-steel
61.238
6.4
111.894.429
2.8
Other metals
362.908
3.9
18.771.293

 26.3
Others
888.809

 30.1
53.026.566

 10.0
Total
2.183.868

 16.4
669.275.424

 4.6

As expected, and following the reductions affecting the United States (- 22.2% in January) over the last ten months, Hong Kong now occupies first place with 121.2 million francs (+ 4.2%), against 100.5 million for the United States. Japan (75.3 million, + 18.4%) is still showing strong growth. The situation as regards European outlets is worsening, with Germany (44.7 million, - 15.3%) and france (42.0 million, - 10.6%), to mention only the most important. Italy on the other hand (58.7 million, + 0.9 %) showed a slight upturn.

Source: Swiss Watch Federation, www.fhs.ch
February 2002