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Swiss Watch Exports -4% in Dec. as Hong Kong Continues to Falter
Jan 26, 2016 8:32 AM
By Rapaport News
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RAPAPORT... Swiss watch exports declined 3.8 percent year
on year to $1.71 billion (CHF 1.74 billion) in December as shipments to Hong
Kong, the nation’s largest trade partner for the industry, continued to fall.
Wristwatch exports decreased 3.1 percent to $1.63 billion
compared with a year ago, while shipments of other timepieces slumped 17
percent to $82.4 million, according to figures provided by the Federation of
the Swiss Watch Industry January 26.
Exports to Hong
Kong slumped 21 percent to $244 million, mirroring disappointing sales in the
location among jewelry and watch retailers. Exports to the U.S. fell 5.5
percent to $158.9 million. However, there were increased shipments to the U.K.
(+26 percent), the United Arab Emirates (+9.6 percent), Singapore (+8.6
percent) and China (+5.5 percent).
The Federation
pointed out that the December dip was less marked than the 6
percent decline in November, when Hong Kong exports nosedived 28 percent
year on year.
Exports of precious-metal watches suffered
the heaviest decline in December, down 4.8 percent to $631.7 million. Shipments
of steel watches and timepieces from other metals also fell, but less
significantly. Watches made from gold and steel increased slightly.
By volume, the decline in Swiss wrist-watch exports was
gentler, dipping 1.2 percent to 2.4 million timepieces. Precious-metal watch
exports slumped 21 percent by volume to 38.4 million units.
By price point, exports of luxury Swiss watches worth $2,956 (CHF 3,000)
or more declined 3.7 percent by value. The steepest drop was in watches valued
at $197 (CHF 200) to $497 (CHF 500), which fell 14 percent in value terms.
There were slight improvements in the lowest and mid-range categories.
For 2015 as a whole, total Swiss watch exports fell 3.3
percent to $21.18 billion. |
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Tags:
exports, Rapaport News, Swiss watches, Switzerland, watches
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