CFRUY Compagnie Financiere Richemont (PK)

By Joshua Kirby

Swiss watch exports lost pace in December amid continued decline in China, according to data released Tuesday, and should see slower growth this year amid growing economic turbulence.

Total exports rose 5.8% in December on year to 2.02 billion Swiss francs ($2.19 billion), slowing from the double-digit growth booked in November, according to the Federation of the Swiss Watch Industry, or FH.

For the year as a whole, exports were 11% higher than the previous year at CHF24.8 billion, FH said, noting a recovery from the prepandemic period despite pressures from China's demand-strangling pandemic measures and the war in Ukraine.

December's exports continued to be dragged by negative growth in China, where strict pandemic measures remained in place. Other markets, including the U.S., Japan and the U.K., booked double-digit export growth in the month, FH said.

Value growth was led by the highest-end timepieces priced above CHF3,000, which booked a 13% rise on the year. Entry-level watches priced below CHF200 also booked double-digit value growth.

Looking ahead, FH said it expects further albeit more moderate growth in 2023. "Solid foundations and continuing steady demand should drive growth in 2023," despite macro risks and high comparison bases, FH said.

Separately, Swiss watchmaker Swatch Group AG said Tuesday that its 2022 revenue fell by CHF700 million in China as a result of pandemic lockdowns. With the country having relaxed its Zero Covid policy, Swatch said it expects record sales in 2023 amid a major boost from the Chinese market.

Earlier this month, luxury-goods group Compagnie Financiere Richemont SA--which owns Swiss watch brands including Vacheron Constantin and Piaget--similarly flagged major disruption to its third-quarter revenue from Covid-19 disruption in China, with its watchmaker division notably underperforming.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

January 24, 2023 05:30 ET (10:30 GMT)

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