Watch exports from Switzerland rise to $118 million
Taylan Özgür Dil- ISTANBUL
Türkiye’s import of Swiss watches rose 38.6 percent to $117.5 million in the first half of 2022, making it the 21st largest buyer in the world.
Imports rose nearly 143 percent in January-June compared to the same period in 2020, reports from the Swiss Watch Industry Federation (FHS) showed.
Türkiye paid $180 million for Swiss watches in 2021, ranking 22nd in the list of largest importers.
Commenting on the strong demand, experts say that people in Türkiye see Swiss watches as a safe bet against inflation, a kind of investment like real estate and cars.
“Supply problems affect the watch industry as well as the automotive industry. Production went down. In Türkiye, used watch prices have skyrocketed because there is a limited number of new watches on the market,” said Volkan Demirkuşak, an expert.
In view of this image, Swiss watches have become “more and more valuable”, he said.
“As house and car prices rose, people started considering watches as an alternative investment,” explained Demirkuşak.
Saat&Saat’s Ramazan Kaya agrees that investing in these watches makes sense. He added that demand is increasing because consumers think that higher exchange rates mean they won’t be able to afford to buy one later.
Swiss watches enjoyed strong global demand for the first half of the year, according to a report by the FHS.
Swiss watch exports totaled 11.9 billion Swiss francs (about 12.3 billion US dollars) between January and June 2022, an increase of 11.9 percent compared to the same period in 2021.
The US with US$1.9 billion, China with US$1.1 billion and Hong Kong with US$1.1 billion led the list of the biggest buyers of Swiss watches in the first half of 2022.