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Swiss Watch Export Slump Steepens
Nov 23, 2016 4:58 AM
By Rapaport News
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RAPAPORT... Swiss watch exports dived 16 percent in October, the
heaviest drop this year, as expectations of a third-quarter recovery fell flat.
Shipments slumped to $1.66 billion (CHF 1.68 billion) and
tumbled 20 percent by volume to 2.1 million units, according to data from the
Federation of the Swiss Watch Industry. Orders from Hong Kong plummeted 21.5
percent to $203.9 million (CHF 206 million), albeit a slower decline than the 40
percent fall in September, while exports to the U.S. fell 16.5 percent to
$195.4 million (CHF 197.4 million).
“A recovery had been expected in the fourth quarter, but
watch industry exports in fact reported their steepest fall of the year in
October,” the federation said.
Precious-metal timepieces continued to suffer, tumbling 28
percent. Shipments were also down across all price categories. Timepieces worth
$2,969 (CHF 3,000) or more fell 16 percent by value, at a faster rate than their
decline by volume, underlining a reduction in the average price. Items priced
at $495 (CHF 500) to $2,969 (CHF 3,000) retreated 14 percent by value, while
those in the $198 (CHF 200) to $495 (CHF 500) category fell 14.5 percent, also
by value. Watches with a price tag under $198 (CHF 200) slumped 22 percent by the
same measure.
That said, exports to China grew 2.8 percent amid a recovery
that began in July. Shipments to the U.K. jumped 9 percent.
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Tags:
Federation of the Swiss Watch Industry, Hong Kong, Rapaport News, Swiss watch exports, Swiss watches, Switzerland, u.s., watches
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