RAPAPORT... The apparent downturn in the Swiss watch industry abated slightly in August as exports dropped by only 1.6 percent year-on-year compared with 9.3 percent in July.
However, the overall number of timepiece exports for the month dropped to $1.54 billion (CHF 1.9 million), representing a 21 percent slip. The year-on-year drop, compared with August 2014, is larger, at 2.4 percent, if other watches products such as movements and parts are excluded.
Data from the group also shows a 1.2 percent fall in total watch exports for the first eight months of 2015 compared with the same period in 2014, to $14.3 billion, according to the Federation of the Swiss Watch Industry.
There were significant decreases in exports to some Asian markets during August compared with the same month last year, including an 18.2 percent fall to $230 million to Hong Kong and a 38.5 percent slide to $82.8 million to China.
Data indicates the sector was propped up by a strong showing in exports to the U.S., Japan, Germany and France, which all increased relative to August 2014, with Germany the biggest rise at 14.3 percent.
Figures for August were stronger at the higher end of the market, a statement from the trade organization said. The more expensive products generally increased in export rates year-on-year, with a 1.7 percent increase in the value of exports above $3,000, and a decrease of just 0.1 percent in volume. Similarly, the only material type that rose in value terms was precious metals (2.8 percent), compared with drops of between 1.3 percent and 13.8 percent for steel, gold-steel, other metals, and others.
However, watches with an export price of less than $250 dropped 7.2 percent in volume terms and 13.2 percent in value terms. Items worth $250-$500 fell by roughly 24 percent in both value and volume of exports, while the slide in exports of timepieces costing $500-$3,000 was more moderate, at 3.4 percent for value and 6 percent for number of units.
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