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Swiss Watch Exports -6% in November
Dec 23, 2015 5:18 AM
By Rapaport News
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RAPAPORT... Swiss watch exports fell 6 percent year-on-year to $1.97
billion (CHF 1.95 billion) in November as outbound shipments to Hong Kong
slumped. The total value failed to exceed $2.03 billion (CHF 2 billion) in
November for the first time in five years. By volume, the drop was 3.8 percent
to 2.4 million watches.
Wristwatch exports declined 6
percent to $1.85 billion globally, while other timepiece exports rose 1.4
percent to $120 million, according to figures provided by the Federation of the
Swiss Watch Industry.
The industry suffered a 28
percent dive in exports to Hong Kong, which stood at $250.7 million in
November, resulting from “readjustments on the local market,” the association
said in a statement December 22. Exports to the U.S. slipped 5 percent to
$240.5 million. Exports to the U.K. surged 14 percent to $122.6 million, while
Japan grew 9 percent to $120.1 million. China advanced 17 percent.
Precious-metal watch exports declined 8 percent to $719
million while steel watches fell 8 percent to $707.6 million. By contrast,
gold-steel watches improved 1.6 percent to $259.7 and other metals saw a
0.9 percent increase to $119 million.
In volume terms,
the export of precious-metal watches dropped 15 percent to 45,100 timepieces
and steel watches slipped 10 percent to 1.31 million. Gold-steel watches
slipped 0.6 percent to 104,700 pieces and other metals declined 6 percent to
311,900.
By price point, exports of watches in the $202
(CHF 200) to $505 range suffered the largest slump by value, dropping 8
percent. The export of watches costing $3,030 (CHF 3,000) or more fell 7
percent and there was a 3-percent decline within the $505 to $3,030 category.
The downturn in watch sales has prompted major watchmakers to
reduce investment and smaller firms have been looking to be bought to stay
alive, according to a Bloomberg report December 18.
“The
motors are missing. All the main regions in the world are showing problems, from
the U.S., Europe, to China,” Bloomberg cited watchmaker Mondaine’s chief
executive officer Andre Bernheim as saying.
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Tags:
exports, Hong Kong, Rapaport News, swiss, Switzerland, watches
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