Swiss Watch Exports: First Big Drop in Two Years
April 03, 24
(IDEX Online) - Exports of Swiss watches suffered their first significant decline in February - down 3.8 per cent - after more than two years of steady growth.
The most significant slump was in China, the second biggest market for Swiss watches, where imports were down over 25 per cent, according to the Federation of the Swiss Watch Industry Exports (FHS).
It signals a reverse of fortunes after an increase of 3.1 per cent in January.
Exports to the US were up by 5.5 per cent, but those to the top six markets globally fell by over 6 per cent.
Watches priced at over CHF 3,000 ($3,300), which account for almost 80 per cent of export turnover, saw the total value of exports fall by 1.8 per cent.