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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →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 counted 15.7 million wristwatches shipped, 23.8% fewer than in 2019. The record was in export value—not unit volume or consumer retail sales.
What did the 2021 record measure?
The Federation of the Swiss Watch Industry FH reported CHF 22.3 billion in Swiss watch exports for 2021, calling it the sector’s best-ever annual result in its release of 27 January 2022. That value was 31.2% above 2020, 2.7% above 2019, and 0.2% above the previous record set in 2014. Each percentage uses a different baseline, so the large year-on-year increase should not be mistaken for an equally large gain over the pre-pandemic benchmark. FH’s 2021 export results
These are export figures: the value of watches leaving Switzerland as recorded in trade statistics. FH explicitly distinguishes its export data from sales to end consumers. CHF 22.3 billion is therefore not retail revenue, nor a measure of what shoppers paid in stores. FH’s explanation of its watch-industry statistics
Did Switzerland export more watches in 2021?
No, not by unit count. FH reported 15.7 million wristwatches exported in 2021, 23.8% below 2019. The Swiss Confederation’s business portal gives the comparison in units: 20.6 million exported in 2019 versus 15.7 million in 2021. The record value and lower volume happened at the same time. Swiss Confederation business portal summary
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The 2021 result is best understood as a record in the value of exports, not in the number of watches shipped. The available figures show the divergence but do not quantify how much of the value result came from prices, product mix, or other factors.
Why did export value rise while volume remained lower?
The export-price bands show that the unit decline was concentrated at the lower end, while the highest band grew in value. FH said watches with an export price below CHF 500 accounted for more than 95% of the decline in export volume. Watches with an export price above CHF 3,000 increased 9.7% in value compared with 2019. These are export-price categories, not consumer retail-price brackets. FH’s 2021 export results
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This contrast supports describing a change in the shape of exports alongside the recovery: fewer units overall, a sharp contraction concentrated in the below-CHF-500 export-price tier, and growth in value in the above-CHF-3,000 tier. The figures do not establish a precise causal share for price changes or mix in the overall record.
Which markets contributed to the recovery?
The United States was the leading destination market, with China close behind. Compared with 2019, exports to the United States grew 27.8% and exports to China grew 48.8%; together, the two markets represented 27% of total export value. These are export-market figures and do not identify where a watch’s final consumer lived or where it was ultimately sold. FH’s 2021 export results
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Growth was uneven elsewhere. Against 2019, Hong Kong was down 20.7%, Japan down 11.9%, and the United Kingdom down 2.4%. By region, Asia accounted for 52% of export value and Europe 29%; the Americas grew 21.7% against 2019. FH’s 2021 export results
FH said exports had returned to pre-crisis levels by September and that a strong fourth quarter helped deliver the annual result. It attributed the recovery to strength in the United States and a steady upward trend in China, while noting that many other markets remained difficult. This is FH’s account of the year, not evidence that one factor alone caused the record. FH’s 2021 export results
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should the record be interpreted?
- Value: CHF 22.3 billion, a record for annual Swiss watch exports in 2021 as reported by FH.
- Comparison: +31.2% versus 2020, +2.7% versus 2019, and +0.2% over the 2014 record.
- Volume: 15.7 million wristwatches, below 2019’s 20.6 million.
- Scope: Export statistics, not end-consumer sales; the cited figures are nominal francs, not an inflation-adjusted comparison.
The Swiss Federal Customs Administration’s annual foreign-trade report independently corroborated the leading market ranking and noted that the average price of mechanical watches reached an all-time high in 2021. That mechanical-watch average is a separate measure from FH’s export-price bands and should not be treated as interchangeable with them. Swiss foreign trade in 2021
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