Asia Drives Slump in Swiss Watch Exports
July 24, 24
(IDEX Online) - Exports of Swiss watches plunged by 7.2 per cent year-on-year in June, according to new figures from the Federation of the Swiss Watch Industry Exports (FHS).
That's the biggest drop this year, and a steep decline from the 2.2 per cent drop reported for May.
Sales slumped in Asia, with revenue down 23 per cent in Hong Kong and 36 per cent in China - the two biggest markets outside the US.
Japan bucked the trend with an increase of 13 per cent and the US was up 6.5 per cent. UAE was down 20 per cent.
Total exports during the month amounted to CHF 2.3bn ($2.57bn), in what the FHS described as "not a positive month".
In a monthly update it said: "Six months into the year, the sector has shipped the equivalent of 12.9 billion francs ($14.5bn) abroad, representing a 3.3 per cent reduction compared with the first half of last year."
It noted that 80 per cent of the decline was attributable to the drop in sales of steel watches, while those made of precious metals remained stable.