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US Market Buoys Swiss Watch Exports

Oct 23, 2019 7:02 AM   By Rapaport News
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RAPAPORT... Swiss watch exports jumped 10% to CHF 1.82 billion ($1.84 billion) in September, as orders from the US continued to grow.

Shipments to the US rose 15% year on year to CHF 214.8 million ($217.4 million), making it Switzerland’s largest export market for timepieces for the third month this year, the Federation of the Swiss Watch Industry said last week. Exports to China jumped 26% to CHF 162 million ($163.9 million), and those to Japan spiked 31.6% to CHF 146.8 million ($148.5 million).

Of the six core countries the Swiss watch market serves, only Hong Kong saw a drop, with exports falling 4.6% to CHF 196.7 million ($199 million) for the month.

“Swiss watch exports benefited from an additional working day and a favorable base effect in September,” the federation said.

A large share of the growth was driven by higher-value timepieces, the federation noted, with the supply of watches priced over CHF 3,000 ($3,034) going up 17%. Items worth below CHF 200 ($202) declined by 8%, while those in CHF 500 ($506) to CHF 3,000 bracket fell 2.9%. Demand for watches valued between CHF 200 and CHF 500 saw a slight rebound for the second consecutive month, increasing 2.2%.

Exports of watches made of precious metal rose 14% to CHF 566.4 million ($573 million), continuing their upward trend. Bimetal shipments grew 25.6% to CHF 344.7 million ($348.7 million).

In the first nine months of the year, exports climbed 2.8% to CHF 15.9 billion ($16.08 billion).

Image: Swiss watches in a store window. (Shutterstock)
Tags: Federation of the Swiss ‎Watch Industry, Rapaport News, Swiss watch exports
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