Slowdown in Swiss Watch Exports
February 20, 24
(IDEX Online) - The growth in Swiss watch exports slowed in January after ending 2023 on a high.
Foreign sales increased by 5.5 per cent in December, following on from the "highest-ever monthly level" of exports in November, at almost CHF2.5bn ($2.95bn).
January's sales were CHF1.9bn ($2.16bn), a year-on-year increase of 3.1 per cent.
"While the growth in Swiss watch exports continued to slow, it remained at a significant level," said the Federation of the Swiss Watch Industry Exports (FHS) as it released the latest figures.
Exports to the USA, the biggest single market, rose 2.2 per cent, compared to 11.6 per cent in December.
China was up 5.0 per cent (1.7 per cent in December) but there was a 4.7 per cent drop in third-placed Hong Kong, following a 15.2 rise the previous month.