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Asia Keeps Swiss Watch Recovery on Track

Higher exports to China, Hong Kong and Japan drive October growth.
Nov 21, 2017 5:32 AM   By Rapaport News
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Swiss watch exports grew in October as demand from key Asian markets continued its recent upward trend.

Total shipments increased 9% year on year to $1.86 billion (CHF 1.85 billion) for the month, according to data the Federation of the Swiss Watch Industry released Tuesday. Orders from Hong Kong jumped 16% to 246.9 million (CHF 245.2 million), while exports to China surged 18% to $150 million (CHF 149 million), and Japanese orders leapt 22% to $133.3 million (CHF 132.4 million). Growth in those markets outweighed a 7% drop in exports to the US to $184.6 million (CHF 183.3 million).

Exports within Europe advanced 6%, but demand across the continent was mixed: Growth in the UK was 1.2%, lower than in previous months, while exports to Italy slipped 0.7%.

In terms of watch categories, there was stronger growth in the mid-range goods, with timepieces that wholesale at $504 (CHF 500) to $3,021 (CHF 3,000) seeing a 20% rise in exports. Watches priced at more than $3,021 grew 6%, while the increase in the $201 (CHF 200) to $504 range was 10%. Similarly, the steepest increase by material was steel watches, of which exports rose 12%, compared with 8% for precious-metal specimens.

Swiss watch exports grew 2.4% in the first 10 months of the year, the federation added.

Image: Shutterstock
Tags: asia, China, Europe, Federation of the Swiss ‎Watch Industry, Hong Kong, italy, Japan, Rapaport News, Swiss watch exports, Swiss watches, UK, watches
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