China's Recovery Props up Swiss Watch Exports in November
December 23, 20
(IDEX Online) - The alarming decline in of Swiss watch exports slowed in November, buoyed by a robust recovery in China.
Exports are down 23.5 per cent year-on-year in the first 11 months of 2020, according to new figures released by the Federation of the Swiss Watch Industry.
But the sector's biggest single market, China, saw sales up by almost 70 per cent to $338m, a stark contrast with October's 15 per cent increase.
Sales to the UK were up by almost 22 per cent, but they were down in the USA, Hong Kong and Germany - all among the Big Six buyers.
Sales of lower-priced watches - under $225 - suffered far worse than more expensive timepieces, but watches of all prices, even those over $2,250, have been hit.
The federation said that after many months of decline, exports in November 2020 almost reached equilibrium, with a fall of only 3.2 per cent, compared with November 2019.