Sharp Decline for Swiss Watch Exports

(IDEX Online) - Swiss watch exports declined sharply in August, down 16.5 per cent overall, and down 23.9 per cent in the US.

The Federation of the Swiss Watch Industry Exports (FHS), spoke of "very negative results, both in volume and by value" across all watch categories and markets.

Most of the main markets - Hong Kong, China, UK, Japan and Singapore - saw double-digit declines, following on from single digit increases in July. China was worst-hit, down 35.6 per cent.

Exports to the US (the single, biggest market by far) have been badly hit by the 39 per cent tariff imposed on 7 August.

In the weeks ahead of the deadline manufacturers front-loaded shipments, driving exports up by 45 per cent. The markets have since rebalanced.

The cumulative value of exports over the first eight months of the year was CHF 17.0bn (USD 21.4bn) a fall of 1.0 per cent, the FHS said.

It said the decline looked worse than it might otherwise, because the comparison is being made against an unusually strong base.