|
|
Swiss Watch Exports -3% in February as Hong Kong Slumps
Mar 23, 2016 3:18 AM
By Rapaport News
|
|
|
RAPAPORT... Swiss watch exports fell 3.3 percent in February to $1.7
billion (CHF 1.65 billion) as shipments to Hong Kong, the country’s biggest
trade partner for watches, declined for a 13th consecutive month.
Exports to Hong
Kong slumped 25 percent year on year to $216.8 million. Shipments to China fell
6.8 percent from a year earlier, while a 22-percent jump in exports to Japan
and a 2.4-percent increase in outbound shipments to the U.S. supported the
industry.
“After twelve
months of steep decline the trend was unchanged in Hong Kong, which remained
well below par for the thirteenth consecutive month,” the Federation of the
Swiss Watch Industry said in a statement March 22. “The U.S., putting an end to
five months of decline, showed renewed signs of growth despite an unfavorable
base effect.”
Wristwatch
exports retreated 2 percent to $1.6 billion, while other timepieces exports
dived 21 percent to $100.3 million. Segmented by material, gold-steel watch
exports slid 6.7 percent.
Watches
costing more than $3,092 (CHF 3,000) returned to positive growth, rising 5.8 percent
in volume and 1.4 percent in value.
Speaking last
week ahead of the annual Baselworld show, François Thiébaud, president of the Swiss
Exhibitors’ Committee, said the decline in Swiss exports over the past year was
moderate compared with a wider global economic downturn.
|
|
|
|
|
|
|
|
|
|
Tags:
Baselworld, Rapaport News, Swiss watch exports, Swiss watches, Switzerland, watches
|
|
|
|
|
|
|
|
|
|
|