News

Advanced Search

Swiss Watch Exports Maintain Gloomy Streak

Nov 19, 2020 9:44 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... 
Swiss watch exports saw their ninth consecutive monthly decline as US orders slipped and a fresh wave of European lockdowns cast a cloud over demand in the region.

Global shipments fell 7% to CHF 1.88 billion ($2.07 billion) in October, the gentlest fall since February, the Federation of the Swiss Watch Industry reported Thursday.

Exports to the US fell 5% to CHF 215.9 million ($236.7 million), while supply to Japan slumped 17% to CHF 120.6 million ($132.3 million). European countries also recorded heavy drops: Exports to Germany were down 17% and to France slid 39%, with orders from Italy decreasing 26% and from Spain 28%. Shipments to the UK fell 8%.

“The spread of the pandemic in these markets, and the measures taken by their respective governments, suggest a somewhat pessimistic outlook for the next few months,” the federation said in a statement.

The gloomy figures outweighed a 15% rise in exports to China, for a total of CHF 251.6 million ($275.7 million), and Hong Kong’s 3.5% increase to CHF 198.2 million ($217.2 million) — the municipality’s first year-on-year improvement since March 2019.

Image: Luxury watches in a store. (Shutterstock)
Tags: China, Federation of the Swiss ‎Watch Industry, France, Germany, Hong Kong, italy, Japan, Rapaport News, spain, Swiss watch exports, Swiss watches, US
Similar Articles
eBay escrow 140eBay Adds Extra Trust Element for Luxury Watches
Apr 28, 2021
eBay has introduced an escrow service for purchases of expensive watches, aiming to enhance consumer trust in high-end
Swiss WatchesChina Rebound Boosts Swiss Watch Exports
Dec 21, 2020
Swiss watch exports showed a stabilizing trend in November as buoyant Chinese demand helped ease the decline
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
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.