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Swiss Watch Exports +7% in February
Apr 1, 2014 8:30 AM
By Ronen Shnidman
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RAPAPORT... Swiss watch exports rose 7.2 percent year on year to $1.93 billion (CHF 1.7 billion) in February, according to the Federation of the Swiss Watch Industry. By volume, Swiss watch exports increased 5.2 percent to 2,131,200 units, continuing the upward trend for the year so far. Performance in February exceeded that of January when Swiss watch exports rose 5.percent by value and only 2.5 percent by volume. Nonetheless, the increases were likely maintaining positive momentum as the industry was preparing for the Basel show late in March.
The value of Swiss wristwatch exports in February for low-end watches, or those below $225 (CHF 200), fell 11 percent to $100.9 million (CHF 89.1 million). Exports of low-end watches by volume increased 2 percent to 1,356,000 units. By contrast, watch exports for categories above $225 increased 8.4 percent to $1.72 billion (CHF 1.52 billion) and they jumped 11.3 percent by volume to 775,000 units.
Exports to Hong Kong Recover
Asian markets experienced the strongest growth in demand as exports to Hong Kong jumped 18.7 percent in February to $396 million (CHF 350 million), while exports to Japan surged 44.6 percent to $121 million (CHF 107 million). Consumer spending in February and March, especially for watches and jewelry, has been spurred by the April 1 sales tax increase. Meanwhile, exports to China slipped 0.7 percent to $114 million (CHF 101 million).
Swiss watch exports to the U.S. rose 4.4 percent to $204 million (CHF180 million); however, exports declined 7.6 percent to Germany to $105 million (CHF 93 million).
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Tags:
Baselworld, China, exports, Germany, Hong Kong, Japan, Ronen Shnidman, swiss, swiss watch, watches
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