RAPAPORT... Robust demand for steel watches drove Swiss timepiece exports
upward in March, closing off the industry’s strongest quarter of growth in six
years.
Worldwide shipments of Swiss timepieces climbed 5% year on
year to $1.73 billion (CHF 1.7 billion) last month, the Federation of the Swiss
Watch Industry reported Tuesday. Exports to Hong Kong jumped 10% to $234.5
million (CHF 230.3 million), while those to the US climbed 4% to $180.3 million
(CHF 177 million). Supply to China dropped 7% to $122.5 million (CHF 120.3
million), the first fall in 18 months.
Exports of steel watches soared 7% to $664.1 million (CHF
652.1 million), while gold and steel timepieces showed moderate growth,
increasing 3% to $266.6 million (CHF 261.8 million). Shipments of watches made of precious
metals remained flat at $509.6 million (CHF 500.4 million).
Globally, lower-priced pieces faltered, with exports of
watches worth under $204 (CHF 200) slipping 8% by value in March, while those
priced between $204 and $509 (CHF 500) declined 4%. Shipments of higher-priced
timepieces fared better, with those that cost between $509 and $3,055 (CHF 3,000)
growing 13%, and those over $3,055 gaining 2%.
Total exports for the first quarter jumped 10%, the highest
quarterly growth rate since June 2012, the federation said.
Image: Baselworld
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