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Swiss Watch Exports See Further Growth

Oct 23, 2017 7:03 AM   By Rapaport News
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RAPAPORT... Swiss watch exports grew in September, driven by stronger demand from Hong Kong and Singapore, the Federation of the Swiss Watch Industry reported.

Exports rose 3.7% to $1.82 billion (CHF 1.8 billion) for the month, supported by a 14% rise in shipments to Hong Kong, which stood at $216.4 million (CHF 213.4 million).

Exports to Singapore jumped 90% due to the delivery of high-priced watches, the federation explained. The downward trend continued in the US, with exports dipping 0.6% to $195.5 million (CHF 192.8 million).

Growth in China slowed, as exports rose 1.2% to $111.2 million (CHF 109.7 million), while Japan failed to sustain its August growth and was down 16%. Exports to the United Kingdom increased 0.7% to $123.9 million (CHF 122.2 million).

Swiss watch exports have recovered in the past 12 months and are expected to continue to improve in the near future, the federation said. Among the main categories in value terms, precious metal and steel watches continued to advance, while bi-metal timepieces maintained the decline they have been experiencing over the past few months.

Exports of watches priced at less than $203 (CHF 200) fell 18% year on year. Timepieces valued at between $203 (CHF 200) and $3,041 (CHF 3,000) reported slight growth while those worth more than $3,041 (CHF 3,000) saw an 8% gain.

Image: Ensuper/Shutterstock
Tags: Federation of the Swiss ‎Watch Industry, Hong Kong, Rapaport News, Singapore, Swiss watch exports, Swiss watches, United States, watches
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