Swiss watch exports set a record for the third year running in 2023, rising 7.6 per cent to the value of 26.7 billion Swiss francs ($31 billion).
Exports were boosted by sales in their largest market, the US, where they rose 7 per cent for the full year, the Federation of the Swiss Watch Industry said.
Shipments to China rose almost 8 per cent during the year to about 2.8 billion francs, accounting for about 10 per cent of exports.
Demand from the UAE was also buoyant, with customers spending an estimated 1.2 billion francs on Swiss-made watches in 2023.
That is an increase of 12 per cent year-on-year and up a quarter from the previous year, data showed.
Buyers from Saudi Arabia also purchased Swiss watches worth 354 million francs last year, representing an annual increase of 2.6 per cent.
"Swiss watchmaking benefitted from steady demand in the luxury goods market," the federation said in an annual report.
"2024 looks calmer for both exports and the number of people employed in the sector, with results expected to remain high or increase only slightly."
In December alone, exports to Hong Kong rose strongly (up 15.2 per cent), Japan (up 26.8 per cent) and the UAE (up 11.8 per cent).
The industry group said the strong franc was expected to keep pressuring watchmakers this year, particularly in the entry-level and mid-range markets.
Volumes rose 7.2 per cent to 16.9 million units as shipments of the popular Omega-MoonSwatch collaboration pushed exports of Quartz watches above 10 million units.
Swiss watch exports rapidly rebounded after the peaks of the Covid-19 pandemic, setting records in 2021 and 2022.
Expensive watches from top manufacturers continued to drive gains, with timepieces priced higher than 3,000 francs accounting for 92 per cent of overall value growth.
Sales were lifted by "revenge spending", with consumers splashing built-up cash on luxury products as confinements eased.
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
SPECS
%3Cp%3E%0D%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20750hp%20at%207%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20800Nm%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%207%20Speed%20dual-clutch%20auto%0D%0D%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20332kph%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%2012.2L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EYear%20end%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C430%2C000%20(coupe)%3B%20From%20Dh1%2C566%2C000%20(Spider)%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
