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Swiss Watch Exports Continue to Decline
Feb 22, 2017 5:50 AM
By Rapaport News
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RAPAPORT... The Swiss watch industry started the year where it left off
as exports fell in January, albeit at a slower pace than in 2016.
Outbound shipments of Swiss timepieces fell 6.2 percent year
on year to $1.42 billion (CHF 1.43 billion), according to the Federation of the
Swiss Watch Industry. Those numbers continued the calmer trend that marked November
and December, when exports went from a sharp drop throughout the year to a more
gradual slide.
In 2016 as a whole, exports fell 10 percent due to lower
demand from Hong Kong.
“The negative trend has flattened out somewhat in the past
three months but remains significantly in the red,” the federation said this
week, adding that “the situation also began to ease in Hong Kong, where January
reported a moderate fall after a negative spiral lasting for two years.”
Exports to Hong Kong, Switzerland’s largest trade partner
for watches, slipped 3.9 percent to $197.3 million (CHF 199.7 million) in
January – a comparatively mild drop after a 25-percent overall slide for 2016.
The U.S. and China have shown stronger improvements than
Hong Kong. Orders from the U.S. increased 5 percent to $164.2 million (CHF
166.2 million) last month, while shipments to China jumped 7.8 percent to
$120.9 million (CHF 122.4 million) – their fourth consecutive month of growth.
Globally, a drop in precious-metal watch exports had the
biggest impact on January’s overall decline, with shipments falling 9.7 percent
to $429.4 million (CHF 434.7 million). Exports of watches made from steel, as
well as those made of a steel-gold combination, fell by less than 1 percent
each.
Image: Newscast |
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Tags:
China, Federation of the Swiss Watch Industry, Hong Kong, Rapaport News, Swiss watch exports, Swiss watch industry, Switzerland, u.s., Watch exports, watches
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