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Swiss Watch Exports Maintain Gloomy Streak

Shipments down 7% in October as European lockdowns hit demand.
Nov 19, 2020 9:44 AM   By Rapaport News
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RAPAPORT... 
Swiss watch exports saw their ninth consecutive monthly decline as US orders slipped and a fresh wave of European lockdowns cast a cloud over demand in the region.

Global shipments fell 7% to CHF 1.88 billion ($2.07 billion) in October, the gentlest fall since February, the Federation of the Swiss Watch Industry reported Thursday.

Exports to the US fell 5% to CHF 215.9 million ($236.7 million), while supply to Japan slumped 17% to CHF 120.6 million ($132.3 million). European countries also recorded heavy drops: Exports to Germany were down 17% and to France slid 39%, with orders from Italy decreasing 26% and from Spain 28%. Shipments to the UK fell 8%.

“The spread of the pandemic in these markets, and the measures taken by their respective governments, suggest a somewhat pessimistic outlook for the next few months,” the federation said in a statement.

The gloomy figures outweighed a 15% rise in exports to China, for a total of CHF 251.6 million ($275.7 million), and Hong Kong’s 3.5% increase to CHF 198.2 million ($217.2 million) — the municipality’s first year-on-year improvement since March 2019.

Image: Luxury watches in a store. (Shutterstock)
Tags: China, Federation of the Swiss ‎Watch Industry, France, Germany, Hong Kong, italy, Japan, Rapaport News, spain, Swiss watch exports, Swiss watches, US
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