Sharp Decline for Swiss Watch Exports
October 30, 24
(IDEX Online) - Swiss watches exports suffered their biggest monthly fall this year in September, mostly as a result of the collapse of two key markets - Hong Kong and China.
Total foreign sales during the month fell by 12.4 per cent, according to the Federation of the Swiss Watch Industry Exports (FHS) to just under $2.4bn.
Two thirds of that decline was a result of a 50 per cent sales plunge in China - once the second biggest market for Swiss watches after the US - and a 35 per cent fall in Hong Kong.
Meanwhile the US and Japan, which between them account for over a quarter of all exports, both saw 2 per cent increases.
"Following a brief reprieve during the summer, Swiss watch exports declined sharply in September," the FHS said its monthly update.
"Accessible luxury watches" - those costing CHF 500 to CHF 3,000 ($580 to $3,500) suffered by far the biggest fall, down 33 per cent by value. Higher-end luxury watches, were largely insulated, down by just 7 per cent.