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Swiss Watches Show Signs of Recovery
Jun 22, 2017 8:04 AM
By Rapaport News
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RAPAPORT... Swiss watch exports jumped in May amid stronger demand from China
and Hong Kong, the Federation of the Swiss Watch Industry reported Thursday.
Exports grew 9% to $1.75 billion (CHF 1.7 billion) for the
month, driven by an 18% rise in shipments to Hong Kong, which stood at $229.9
million (CHF 223.7 million). Chinese orders increased 34% to $119.2 million
(CHF 116 million). Exports to the US slipped 1.1% to $175.8 million (CHF 171
million).
The sector has now enjoyed two months of year-on-year growth
since the start of 2017. In March, exports rose 7.5% over the previous year’s
figures — the first increase in nearly two years. Shipments slipped again in
April, but returned to positive levels in May, “confirming the recovery which
has been under way since the start of the year,” the federation said.
The trade is still quiet compared with its 2011 peak, when watch
manufacturers increased production levels significantly, according to one
Israel-based diamond supplier who works with the timepiece industry. That
resulted in an oversupply in 2012, continued the trader, who requested
anonymity.
Since then, demand has been sluggish,
weighed down by anti-corruption policies in China, but has shown signs of
recovering this year, especially since the Baselworld show in March. Total exports
are down 1% since January, but shipments to China have surged 24%, outweighing
weaker trading with the US and Japan.
“Now, after Basel, we had a few orders, and you feel that
the watch industry is improving slightly,” said the diamond supplier.
During May, precious-metal watch
exports increased 16% by value, while shipments of steel timepieces rose 12%.
Exports of watches consisting of both gold and steel went up 6%. The top price
category — $3,084 (CHF 3,000) and above — saw a 15% jump, making it the most improved
segment.
Image: Newscast |
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Tags:
Baselworld, China, Federation of the Swiss Watch Industry, Hong Kong, Rapaport News, Swiss watch exports, Swiss watch trade, timepieces, watches
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