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Swiss Watch Export Slump Steepens

Nov 23, 2016 4:58 AM   By Rapaport News
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RAPAPORT... Swiss watch exports dived 16 percent in October, the heaviest drop this year, as expectations of a third-quarter recovery fell flat.

Shipments slumped to $1.66 billion (CHF 1.68 billion) and tumbled 20 percent by volume to 2.1 million units, according to data from the Federation of the Swiss Watch Industry. Orders from Hong Kong plummeted 21.5 percent to $203.9 million (CHF 206 million), albeit a slower decline than the 40 percent fall in September, while exports to the U.S. fell 16.5 percent to $195.4 million (CHF 197.4 million).

“A recovery had been expected in the fourth quarter, but watch industry exports in fact reported their steepest fall of the year in October,” the federation said.

Precious-metal timepieces continued to suffer, tumbling 28 percent. Shipments were also down across all price categories. Timepieces worth $2,969 (CHF 3,000) or more fell 16 percent by value, at a faster rate than their decline by volume, underlining a reduction in the average price. Items priced at $495 (CHF 500) to $2,969 (CHF 3,000) retreated 14 percent by value, while those in the $198 (CHF 200) to $495 (CHF 500) category fell 14.5 percent, also by value. Watches with a price tag under $198 (CHF 200) slumped 22 percent by the same measure.

That said, exports to China grew 2.8 percent amid a recovery that began in July. Shipments to the U.K. jumped 9 percent.
Tags: Federation of the Swiss ‎Watch Industry, Hong Kong, Rapaport News, Swiss watch exports, Swiss watches, Switzerland, u.s., watches
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