Swiss watch exports recorded a sharp decline worldwide, as a whole it CHF 16.98 billion francs against CHF 21.72 Billion for the same period in 2019 a drop of (21.8%) and against CHF 21.18 Billion for the year 2018 a drop of (19.8%), as per the statistics of the Swiss Watch Federation.
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Swiss Watch Exports – Middle East Markets (all figures Mil of CHF) |
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|
2018 |
2019 |
2020 |
% change 2020 / 2019 |
|
2,108.85 |
2029.50 |
1651.30 |
-18.7 % |
The Middle East markets recorded a net of CHF 1651.3 million Swiss Watch Exports for the year 2020 in comparison to CHF 2,029.50 million for year 2019, a drop of (18.7%).
This was due to a significant drop in the top five key markets of the Middle East like UAE CHF 758.5 in 2020 compared to CHF 933.6 in 2019 a drop of -23.09%, Saudi Arabia CHF 222.2 in 2020 compared to CHF 322.4 in 2019 a drop of -45.9%, Kuwait (CHF 156.2 in 2020 compared to CHF 195.0 in 2019 a drop of -24.84%, and Kingdom of Bahrain CHF 93.5 in 2020 compared to CHF 129.5 in 2019 a drop of -38.50% as per the breakdown below.
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Swiss watch exports 2020/2019 Middle East (Top 5 markets) all figures mln of CHF |
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|
Rank |
Middle East Countries |
Exports 2020 |
Exports 2019 |
% Change 2020/19 |
|
|
|
|
1 |
United Arab Emirates |
758.50 |
933.60 |
-23.09 |
|
|
|
|
2 |
Saudi Arabia |
222.20 |
322.40 |
-45.09 |
|
|
|
|
3 |
Qatar |
156.20 |
195.00 |
-24.84 |
|
|
|
|
4 |
Kuwait |
120.40 |
148.20 |
-23.09 |
|
|
|
|
5 |
Bahrain |
93.50 |
129.50 |
-38.50 |
|
|
|
|
6 |
Others |
300.50 |
300.80 |
-0.10 |
|
|
|
|
|
Total |
1,651.30 |
2,029.50 |
-18.70 |
|
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In Conclusion
The Middle East is still looking good as the growing market for importing high end Swiss Watches with a market share of 9.7%. This is in spite of the challenges facing this industry with the pandemic striking early in the year 2020. Middle East will continue to offer substantial growth opportunities for the luxury watch industry and for the growth of imports of Swiss Watches.
Note to readers:
Data provided by Federation of Swiss Watch Industry FH.
Cautionary & Acknowledgment:
All the figures released by FH refer to exports data and not to sales to end-consumers. Differences between these two types of data may therefore exist. These data must be regarded as consolidated figures gathering export results from all Swiss watch companies.
