News

Advanced Search

Hong Kong Slowdown Hits Swiss Watches

Jul 21, 2019 8:37 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Swiss watch exports fell 11% to CHF 1.74 billion ($1.77 billion) in June, amid a continued downturn in Hong Kong tourism and protests in the municipality.

“Hong Kong’s performance slowed significantly. Recent events there undoubtedly played a part,” the Federation of the Swiss Watch industry reported last week.  Demonstrators in Hong Kong — the Swiss watch industry’s second-largest market — have been protesting an extradition bill proposed by the government in March.

Exports to Hong Kong plunged 27% to CHF 198.4 million ($202.1 million), in contrast to 39% growth in June 2018. That decline outweighed a 7% increase in supply to the US to CHF 202.9 million ($206.7 million), and a 3% rise to Japan to CHF 135.1 million ($137.6 million). Shipments to China grew 2% to CHF 126.2 million ($128.5 million).

There was a decline in all major price categories, with orders of watches worth above CHF 3,000 ($3,056) falling 6% by value. Exports of timepieces between CHF 500 ($509) to CHF 3,000 slipped 20%, while those valued from CHF 200 ($204) to CHF 500 went down 15%. Supply of products priced under CHF 200 plummeted 20%.

Similarly, exports slowed for each category based on the materials used to make the watch. Exports of steel watches dropped 15% to CHF 644.1 million ($656.1 million), and shipments of timepieces made from precious metal slid 6% to CHF 584.1 million ($595 million). Supply of gold-and-steel watches fell 7% to CHF 282.2 million ($287.4 million), while those made from other metals tumbled 17% to CHF 75.6 million ($77 million).

Image: Swiss watches in a store window. (Shutterstock)
Tags: Federation of the Swiss ‎Watch Industry, Rapaport News, Swiss watches
Similar Articles
Asian StarAsian Star Revenue Down in First Quarter
Aug 22, 2019
Revenue and profit at Indian diamond-manufacturer Asian Star fell in the first fiscal quarter, reflecting a slowdown
Pandora store 150 NYRestructuring Efforts Boost Pandora
Aug 20, 2019
Shares in Pandora rose 10% in early trading Tuesday as sales declines narrowed in key markets and restructuring
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.