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Swiss Watch Exports Miss a Beat in May
Jun 21, 2016 7:38 AM
By Rapaport News
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RAPAPORT... Swiss watch exports extended their decline in May because
of a slump in shipments of higher-value and precious-metal timepieces.
Exports dropped 9.7 percent to $1.62 billion (CHF 1.55
billion) as shipments of watches made from precious metals dived 24 percent to
$512.14 million, according to the Federation of the Swiss Watch Industry. Export
of watches valued at more than $3,127 (CHF 3,000) slumped 15 percent while
those between $208 (CHF 200) and $521 (CHF 500) dived 17 percent.
Exports to Hong Kong recorded a 17-percent plunge, in line
with a notable decline in recent months in shipments to Switzerland’s
largest trade partner for watches. Europe “represented the last pocket of
growth” but has seen a steep deterioration in recent months, the federation
said. Shipments to Italy dived 21 percent, while exports to France fell 18
percent. Orders from the U.K. declined to a lesser extent – down 2.5 percent –
due to an unexpected surge in exports of “large-volume” products of “high”
value such as clocks and alarm clocks.
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Tags:
Rapaport News, Swiss watch exports, Swiss watch trade, Swiss watches, Switzerland, watches
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