It will be a few more weeks before we get the Swiss watch export figures for June, but if plummeting year-on-year figures through the months of lock down continue, the value of exports to the UK will be down by close to 50% for the first six months of 2020.
For the year to the end of May, exports to the UK were down by 45%.
April’s Swiss watch exports were down by a staggering 96.4% to just CHF 3.6 million compared to over CHF 100 million in the same month last year.
The May figure was down by 77%, from CHF 98 million to CHF 23 million.
A positive spin would be that exports to the UK rose by 639% in May as manufacturing and distribution in Switzerland inched back into life.
June is certain to be up again as retailers began to reopen in England and Northern Ireland and, from today, Scotland and Wales.
Globally, Swiss watch exports dropped YoY by 79.5% in April and 67.4% in May. For the first five months of 2020, exports were down by 35.5%, wiping out — or at best deferring — exports worth CHF 2.9 billion so far this year.