The Swiss watch industry reported a positive start to the new decade with exports valued at 1.8 billion francs, up 9.4% as compared to the same month a year earlier, according to data released by the Federation of the Swiss Watch Industry (FH). The trade body said that its performance in the period had not yet been affected by the coronavirus epidemic in China.

In terms of number of units exported however, the figures showed a drop of 4.8%, reflecting the positive showing for higher priced watches.

The Federation said that watches priced at over 500 francs (export price) grew strongly in January, both by value and the number of items. Below this threshold, the trend remained negative, particularly for watches priced at under 200 francs.

The increase in value of exports was also a function of a rise in exports of watches made from precious metals, particularly gold. The segment recorded an increase in terms of both value and volume. In the case of steel, gold-steel and other metals, an increase in value occurred alongside a dip in volumes, despite a clearly favourable base effect. A larger fall in numbers in the steel and other materials categories had a negative impact on the results.

Most markets maintained a steady pace during the first month of the year, the Federation reported. This included the United States (+15.2%), China (+6.9%), Japan (+14.9%), Singapore (+23.1%) and South Korea (+41.1%). Hong Kong, which is the second largest market globally registered a fall of -25.0%, its fourth consecutive month of very sharp decline. The United Kingdom (-13.9%), the largest market in Europe, suffered from an unfavourable base effect and also fell significantly.