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Bloomberg reports that according to the Federation of the Swiss Watch Industry, swiss watch exports are returning to pre-pandemic levels after their biggest annual slump since the financial crisis, boosted by demand in China and the U.S.
Shipments rose 2% to 1.8 billion francs ($2 billion) in April compared with the same month in 2019. Exports started to recover in March.
Swiss watch exports fell 22% in 2020 as tourism ground to a halt and lockdowns shuttered stores. The next two months will be decisive in confirming the trend of recovery, the federation said in a statement. So far, the cumulative start to 2021 is identical to the performance two years ago, it added.