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Swiss Watch Slump Eases in November

Dec 20, 2016 8:22 AM   By Rapaport News
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RAPAPORT... The decline in Swiss watch exports slowed in November as shipments to Hong Kong avoided the massive decline seen in previous months.

Exports fell 5.6 percent to $1.8 billion (CHF 1.86 billion) last month, the second narrowest drop of the year and an improvement on October’s 16 percent plummet. November had one more working day in 2016 than the same month last year, which had the effect of limiting the decline, the Federation of the Swiss Watch Industry explained.

Orders from Hong Kong slipped 0.7 percent to $241.8 million (CHF 248.8 million), a much stronger performance than in previous months. Exports to China in November climbed 8 percent.

The federation said it is too early to draw long-term conclusions, but saw the improved Hong Kong figure as “good news.”

Even so, global exports of precious-metal watches fell 15 percent, while shipments of steel watches increased 5 percent and gold-steel timepiece orders advanced 3.7 percent.

Exports of watches priced under $194 (CHF 200) rose 3 percent by value. Timepieces in the $194 to $486 (CHF 500) category slumped 8.5 percent, while those in the $486 to $2,916 (CHF 3,000) range gained 2.6 percent. Orders of watches valued at $2,916 or higher declined 7 percent.

Total Swiss watch exports declined 10 percent in the first 11 months of the year, with exports to Hong Kong slumping 26 percent.
Tags: China, Federation of the Swiss ‎Watch Industry, Hong Kong, Rapaport News, Swiss watch exports, Swiss watches, Switzerland, watches
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