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Hong Kong Slump Disrupts Swiss Watches
Dec 22, 2019 8:13 AM
By Rapaport News
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RAPAPORT... Swiss watch exports fell in November as orders from Hong
Kong continued to slow.
Shipments to all countries declined 3.5% to CHF 1.99 billion
($2.03 billion) in November, the Federation of the Swiss Watch Industry
reported last week. That mainly reflects a 27% drop in exports to Hong Kong,
which outweighed a 4.6% increase in orders from the US.
Pro-democracy protests have devastated luxury demand in Hong Kong over the past six months. As a result, the US has now overtaken the municipality as the number-one export destination for Switzerland’s timepieces.
“Swiss watch exports recorded a negative result in
November because of the sharp decline in Hong Kong, while the rest of the world
remained broadly stable,” the federation noted.
The global slowdown was mainly in timepieces with an
export price up to CHF 3,000 ($3,053). Shipments of more valuable watches rose
2%.
Steady demand from the US and China has provided some
support, with global shipments growing 2% to CHF 19.95 billion ($20.3 billion)
for the first 11 months of the year.
Image: A TAG Heuer watch. (Piqsels)
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Tags:
China, Federation of the Swiss Watch Industry, Hong Kong, Japan, Rapaport News, Singapore, Swiss watch exports, Swiss watch sector, Swiss watches, US, watches
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