RapNet


Rapaport News

 

Watches

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

March Shutdown Hits Swiss Watch Exports

Shipments fall sharply in most markets.
Apr 21, 2020 9:02 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Swiss watch exports slumped in March amid continued market pressures resulting from the coronavirus pandemic.

Shipments slid 22% to CHF 1.36 billion ($1.4 billion) for the month, with most markets declining significantly, the Federation of the Swiss Watch Industry reported Tuesday. Orders from Italy plunged 58%, while supply to Hong Kong fell 41% to CHF 138.5 million ($142.6 million).

Exports to the US remained unaffected by the coronavirus — rising 21% to CHF 226.7 million ($223.5 million) — while China rebounded, increasing 11% to CHF 155.9 million ($160.6 million). However, this growth was outweighed by reduced orders from other territories, including the UK, the largest market for Swiss watches in Europe, where shipments fell 34% to CHF 88.5 million ($91.2 million).

All price categories slipped, as exports of timepieces valued between CHF 500 ($515) to CHF 3,000 ($3,089) declined 35% by value. Watches worth more than CHF 3,000 ($3,088) dropped 13%.

Exports also dipped across all watch-material categories. Shipments of timepieces made from precious metal decreased 21% to CHF 441.6 million ($454.7 million). Supply of steel watches saw one of the steepest declines, tumbling 47% to CHF 467.9 million ($481.7 million).

With exports falling by almost 700,000 units by volume in March, the federation forecast “a probable deterioration” for the coming month.

Image: A display window at a Rolex store in Paris. (Shutterstock)
Tags: China, Coronavirus, COVID-19, exports, Hong Kong, Rapaport News, Swiss watch exports, Swiss watches, Switzerland, trade, UK, US, watches
Similar Articles
Bulgari store LondonLVMH Pulls Out of Baselworld
Apr 20, 2020
LVMH has withdrawn its four watch and jewelry brands...
Baselworld Mulls Its Future as More Brands Quit
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