First quantified impacts of COVID-19

Swiss watch exports are one of the few macroeconomic statistics to be published monthly. This is all the more interesting at the moment, as these figures fully show the impact of COVID-19 on the sector. In April, watch exports fell sharply by -81% compared to the same month last year. Paradoxically, China only fell by -16%, as it was already in partial recovery mode. China accounted for a third of Swiss watches exports in April.

The Swiss watch industry believes that this decline is only temporary and solely due to various confinements and production stoppages. Let‘s hope this is the case !