Swiss watch exports to the United States returned to pre-Covid levels in July.
The latest monthly report from the Federation of Swiss Watch Industry shows exports virtually flat in July (-0.6%) compared to the same month last year.
Exports more than doubled from CHF 87 million in June to CHF 191 million in July as distribution and stores reopened.
It looks improbable that sales lost in the Covid quarter will be recouped this year, but there is some optimism from July’s report from the Federation of Swiss Watch Industry, that the second half of this year could match results from 2019.
Countries around the world began their recoveries at different times, and their progress is reflected in the Swiss export figures.
China saw a 59% rise in July but Hong Kong was down 43%. The United States was flat on the same month last year.
Overall, Swiss watch exports continued to fall significantly in July by 17% to CHF 1.6 billion, although that is half the 34% drop recorded in June.
For the first seven months of 2020, Swiss exports are down 32.4% over the same period last year.