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Swiss Watch Exports Continue to Decline

Feb 22, 2017 5:50 AM   By Rapaport News
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RAPAPORT... The Swiss watch industry started the year where it left off as exports fell in January, albeit at a slower pace than in 2016.

Outbound shipments of Swiss timepieces fell 6.2 percent year on year to $1.42 billion (CHF 1.43 billion), according to the Federation of the Swiss Watch Industry. Those numbers continued the calmer trend that marked November and December, when exports went from a sharp drop throughout the year to a more gradual slide.

In 2016 as a whole, exports fell 10 percent due to lower demand from Hong Kong.

“The negative trend has flattened out somewhat in the past three months but remains significantly in the red,” the federation said this week, adding that “the situation also began to ease in Hong Kong, where January reported a moderate fall after a negative spiral lasting for two years.”

Exports to Hong Kong, Switzerland’s largest trade partner for watches, slipped 3.9 percent to $197.3 million (CHF 199.7 million) in January – a comparatively mild drop after a 25-percent overall slide for 2016.

The U.S. and China have shown stronger improvements than Hong Kong. Orders from the U.S. increased 5 percent to $164.2 million (CHF 166.2 million) last month, while shipments to China jumped 7.8 percent to $120.9 million (CHF 122.4 million) – their fourth consecutive month of growth.

Globally, a drop in precious-metal watch exports had the biggest impact on January’s overall decline, with shipments falling 9.7 percent to $429.4 million (CHF 434.7 million). Exports of watches made from steel, as well as those made of a steel-gold combination, fell by less than 1 percent each.

Image: Newscast
Tags: China, Federation of the Swiss ‎Watch Industry, Hong Kong, Rapaport News, Swiss watch exports, Swiss watch industry, Switzerland, u.s., Watch exports, watches
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