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Swiss Watch Exports Extend Decline
Sep 20, 2016 10:18 AM
By Rapaport News
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 RAPAPORT... Swiss watch exports slumped in August, weighed down by a
continued decline in shipments of high-end timepieces.
Total outbound exports fell 9 percent to $1.38 billion (CHF
1.35 billion) mostly due to a 26 percent slide in exports of precious-metal
timepieces, according to the Federation of the Swiss Watch Industry. Items priced at $3,070 (CHF 3,000) or higher dived 14 percent, offsetting increases in
certain more inexpensive categories.
“The fall in value was explained almost entirely by watches
made of precious metals,” the federation explained, adding that steel watches
and other metals recorded growth.
Orders from Hong Kong plummeted 29 percent, their 18th
consecutive month of decline. Exports to the U.S. fell 12 percent and shipments
to Germany recorded its fifth steep drop in a row, retreating 15 percent.
China, the Swiss industry’s third largest export market after Hong Kong and the
U.S., saw a 29 percent surge, aided by a favorable base effect. Exports to the
U.K. jumped 23.5 percent as its economy benefited from positive effects of the
vote to leave the European Union.
The overall decline in exports is despite a neutral base
effect and one more working day than August last year.
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Tags:
Hong Kong, Rapaport News, Swiss watch exports, Swiss watches, Switzerland, watches
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