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Swiss Watch Exports Continue to Fall

Aug 23, 2016 9:48 AM   By Rapaport News
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RAPAPORT... Swiss watch exports slumped in July as orders from Hong Kong extended a decline and shipments of high-end timepieces continued to falter.

Total watch exports dropped 14 percent to $1.71 billion (CHF 1.64 billion) with wrist-watch exports falling 14.5 percent to $1.6 billion. Exports to Hong Kong dived 33 percent and orders from the U.S. declined 15 percent, according to the Federation of the Swiss Watch Industry.

Precious-metal watch shipments fell steeply for the fifth consecutive month, diving 27 percent. Exports of timepieces priced above $3,119 (CHF 3,000) slumped 16 percent. The decline was equally steep in the lower range, with shipments of watches under $208 (CHF 200) also falling 16 percent, while the middle prices categories saw slower drops.

“The fact that there were two fewer working days this year certainly penalized the results to some extent, but that was not the determining factor because at the same time Swiss exports were higher overall,” the federation said.
Tags: exports, Federation of the Swiss ‎Watch Industry, Hong Kong, july, Rapaport News, Swiss watch exports, Swiss watches
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