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Asia Keeps Swiss Watch Recovery on Track
Nov 21, 2017 5:32 AM
By Rapaport News
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RAPAPORT... Swiss watch exports grew in October as demand from key Asian
markets continued its recent upward trend.
Total shipments increased 9% year on year to $1.86 billion (CHF
1.85 billion) for the month, according to data the Federation of the Swiss
Watch Industry released Tuesday. Orders from Hong Kong jumped 16% to 246.9
million (CHF 245.2 million), while exports to China surged 18% to $150 million
(CHF 149 million), and Japanese orders leapt 22% to $133.3 million (CHF 132.4
million). Growth in those markets outweighed a 7% drop in exports to the US to
$184.6 million (CHF 183.3 million).
Exports within Europe advanced 6%, but demand across the
continent was mixed: Growth in the UK was 1.2%, lower than in previous months,
while exports to Italy slipped 0.7%.
In terms of watch categories, there was stronger growth in
the mid-range goods, with timepieces that wholesale at $504 (CHF 500) to $3,021
(CHF 3,000) seeing a 20% rise in exports. Watches priced at more than $3,021 grew
6%, while the increase in the $201 (CHF 200) to $504 range was 10%. Similarly,
the steepest increase by material was steel watches, of which exports rose 12%,
compared with 8% for precious-metal specimens.
Swiss watch exports grew 2.4% in the first 10 months of the
year, the federation added.
Image: Shutterstock |
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Tags:
asia, China, Europe, Federation of the Swiss Watch Industry, Hong Kong, italy, Japan, Rapaport News, Swiss watch exports, Swiss watches, UK, watches
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