Import of Swiss watches jump 19.6% in 22-23

New Delhi, Apr 24 (KNN) According to the Federation of the Swiss Watch Industry, exports of Swiss watch to India touched sales worth Rs 1,722.88 crore sales in 2022, marking a growth of 19.6 per cent from Rs 1,438.84 crore in 2021.

In 2022, Swiss watch manufacturers achieved a new record for exports to India with the momentum continuing into the first two months of 2023.

During the Covid-19 pandemic in 2020 there was a dip in Swiss watch exports recorded at Rs 889.36 crore.

Representing a substantial 27 per cent surge from the corresponding period in the previous year, exports to India reached Rs 271.72 crore during January-February 2023.

“As the fifth largest economy in the world, India boasts a significant number of people within the top 1-2 per cent of the economic spectrum, making them a valuable target audience for our segment,” said Yasho Saboo, founder & chairman, Ethos Watches, India's largest retailer of Swiss watches.

The Swiss report shows that even exports to countries like Thailand, Mexico, Austria, and Turkey are higher compared to India.  (KNN Bureau)