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Swiss watch exports reached a record CHF 22.3 billion in 2021, but Switzerland did not export a record number of watches. The Federation of the Swiss Watch Industry FH reported 15.7 million wristwatches shipped, 23.8% fewer than in 2019. The record is about export value—not unit volume or consumer retail sales.
What made 2021 a record?
The FH reported that export value in 2021 was 31.2% higher than in 2020, 2.7% higher than in 2019, and 0.2% above the previous record set in 2014. These comparisons answer different questions: the large rise against 2020 reflects a rebound from a weak year, while the smaller gains against 2019 and 2014 show that the total edged past both the pre-pandemic reference and the former high. The figures are nominal francs; the cited reports do not establish an inflation-adjusted record.
In its 27 January 2022 release, the FH called the result the sector’s “best-ever annual results.” It said exports had returned to pre-crisis levels by September and that a strong fourth quarter helped lift the full-year total. That is the federation’s description of the recovery, not evidence that any one factor alone caused the record. Federation of the Swiss Watch Industry FH: Swiss watch exports in 2021
Did Switzerland export more watches in 2021?
No, not by unit count. FH reported 15.7 million wristwatches exported in 2021, down 23.8% from 2019. The Swiss Confederation’s business portal gives the comparison in units: 20.6 million watches exported in 2019 versus 15.7 million in 2021. The record therefore describes the value of exports, not the number of watches shipped. Swiss Confederation business portal: Swiss watch exports reach new heights
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How could export value rise while volume fell?
The export-price segments moved in different directions. Watches priced below CHF 500 at export price accounted for more than 95% of the decline in export volume. Meanwhile, watches above CHF 3,000 at export price grew 9.7% in value compared with 2019. These are export-price bands, not consumer retail-price categories. Together, the figures show a shift in the composition of exports alongside the rebound; they do not quantify how much of the rise in total value came from prices, product mix, or other factors. FH’s 2021 export figures
Which markets contributed to the result?
The United States was the leading destination market, with China close behind. Compared with 2019, export value to the United States grew 27.8% and to China 48.8%; together, the two markets represented 27% of total export value. Other major markets did not share the same pattern: Hong Kong was down 20.7%, Japan down 11.9%, and the United Kingdom down 2.4% against 2019.
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By region, Asia accounted for 52% of export value and Europe for 29%. The Americas grew 21.7% compared with 2019. FH described the United States and China as important drivers while noting that many other markets remained difficult. Export destinations are not proof of where a watch’s final consumer lived or where it was ultimately sold. FH’s destination-market statistics
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do export figures mean consumers spent CHF 22.3 billion?
No. The CHF 22.3 billion figure is the value of Swiss watch exports as recorded in foreign trade statistics. It is not a measure of retail revenue or the amount consumers paid in shops. The FH’s statistics page explicitly distinguishes export figures from sales to end consumers. FH: Watch industry statistics
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A separate government annual report also discusses the average price of mechanical watches reaching an all-time high in 2021. That is a different measure from FH’s export-price segments, so the two should not be combined as if they described the same price series. Swiss Federal Customs Administration: Swiss foreign trade in 2021
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