2021 - Jun 07, 2021

Swiss exports to China surge as China’s economic recovery remains unbalanced

– From January to April 2021, Switzerland exported goods in the value of 6.8 billion Swiss francs to China including Hong Kong – a plus of 26.6% year-on-year, and a plus of 14.9% when compared to the same period in 2019.
– China’s economy is growing, but the recovery from the Covid crisis is unbalanced. Industrial activity and trade are strong, while the service and consumption sectors are not yet on pre-pandemic levels.
– Without international travel, Chinese consumers turn to domestic channels to buy luxury products. China’s luxury goods market grew by 48% in 2020. China, including Hong Kong, is the world’s largest market for Swiss watches.
– IMF forecasts a Chinese GDP growth of 8.4% in 2021, but economic activity may deceler-ate due to the slow recovery of income growth in the working class.

Shanghai (June 3, 2021) – Swiss exporters look to the Far East: In the first four months of 2021, Swiss exports to China including Hong Kong grew by 26.6% year-on-year to a value of 6.8 billion Swiss francs, according to recent figures by the Swiss Federal Customs Administration.1 “Compared to the same period in 2019, this represents a strong growth of 14.9%. For Switzerland, when looking at the two years together, it is as if China did not have a pandemic,” analyses Nicolas Musy, Delegate of the Board of Swiss Centers in China (SCC), a platform that lowers the market entry barriers into Asia for Swiss companies.

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