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Swiss Watch Exports -4% in November
Dec 22, 2014 4:20 AM
By Ronen Shnidman
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RAPAPORT... Swiss watch exports declined 4 percent year on year to $2.14 billion (CHF 2.06 billion) in November as exports to Asia and Europe fell. Wristwatch exports decreased by 4 percent to $2.01 billion (CHF 1.94 billion), while other timepiece exports dropped 13 percent to $120.7 million (CHF 116.4 million), according to figures provided by the Federation of the Swiss Watch Industry.
All major categories of watches fell in value terms during the month. The steepest decline in exports occurred in watches made from non-metallic materials, which slid 18 percent to $46.1 million (CHF 44.5 million). The second largest drop occurred in gold-steel watches, which fell 8 percent to $260.5 million (CHF 251. 3 million), while exports of gold watches dropped 2 percent to 801.1 million (CHF 772.8 million).
By volume, the decline in Swiss wrist-watch exports was even steeper, falling 7 percent to 2.5 million units during November. All categories experienced declining export volume, except gold and gold-steel watches, which both grew approximately 1 percent.
There was a sharp divergence in the performance of exports to geographic markets during the month. Exports to Hong Kong, the largest foreign market for Swiss watches, declined 14 percent to $356.4 million (CHF 343.8 million). In contrast, exports to the U.S., the second largest foreign market for Swiss watches grew 17 percent to $259.9 million (CHF 250.7 million). Swiss watch exports to Italy fell 3 percent to $129.8 million (CHF 125.2 million), while exports to Germany declined 15 percent to $121.3 million (CHF 117 million).
By price point, exports of luxury Swiss watches worth $3,100 (CHF 3,000) or more declined 2 percent, while exports of Swiss watches priced below $3,100 declined 7 percent.
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Tags:
bimetallic, CHF, gold, Ronen Shnidman, steel, Swiss watch exports, timepieces
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