Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

Brexit Continues to Buoy Swiss Watch Exports

Exports to the UK rose 76% in March.
Apr 21, 2019 7:18 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

Swiss watch exports rose 4.4% to CHF 1.74 billion ($1.72 billion) in March as UK retailers continued to stockpile in preparation for Brexit.

“The UK was a special case once again, because of stockpiling in the run-up to Brexit,” the Federation of the Swiss Watch Industry reported last week. “Other European markets continued to lose ground.”

Exports to the UK rose 76% to CHF 134.7 million ($132.9 million). Asia also showed strong growth for the month, with supply to China climbing 17% to CHF 141.6 million ($139.7 million) and Japan jumping 22% to CHF 137.1 million ($135.3 million). Orders to Hong Kong increased 2.5% to CHF 236.2 million ($233 million), and shipments to the US grew 6% to CHF 187.4 million ($184.8 million).

Top-price watches enjoyed the strongest growth. Orders of watches priced above CHF 3,000 ($2,961) rose 13% by value. Exports of those worth CHF 500 ($493) to CHF 3,000 fell 5%, while those priced between CHF 200 ($197) and CHF 500 slipped 1.7%. Supply of products valued under CHF 200 plunged 25%.

Similarly, exports of watches made from precious metals rose 11% to CHF 556 million ($548.4 million), and those comprising gold and steel grew 12% to CHF 292.6 million ($288.6 million). Shipments of timepieces made of steel remained nearly flat, inching up 1% to CHF 659.9 million ($650.9 million), while supply of watches made from other metals increased 4.4% to CHF 82 million ($80.9 million).

Exports rose 2.9% to 5.16 billion ($5.09 billion) for the first quarter, from January to March.

Image: Swiss watches in a store display in Geneva. (Shutterstock)
Tags: Brexit, Federation of the Swiss ‎Watch Industry, Rapaport News, swiss watch
Similar Articles
NRF SeptemberUS Consumer Spending Dips
Oct 17, 2019
US retail sales stalled between Augustand September, indicating that consumer...
Former Zales Vice Chairman Marvin Zale Dies
Chow Tai Fook Sales Slump
Costco Sells $220,000 Diamond Ring
LightboxLightbox to Debut at Bloomingdale’s, Reeds
Oct 15, 2019
De Beers will partner with two major retailers topromote Lightbox,...
LVMH Jewelry and Watch Revenue Jumps
NRF Predicts Rise in Holiday Sales
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us