US Leads Slump in Swiss Watch Exports
June 25, 25
(IDEX Online) - Exports of Swiss watches slumped in May - down 9.5 per cent to CHF 2.1bn (USD 2.56bn), with the US responsible for over 40 per cent of the decline.
The Federation of the Swiss Watch Industry Exports (FHS) said there had been a "sharp decline in the main markets", with the USA down 25.3 per cent, China down 17.4 per cent and Japan down 10.5 per cent.
"The United States accounted for over 40 per cent of the global decline," said FHS in its latest monthly update.
"Although more moderate than expected, this boomerang effect followed the increase of 150% seen in April. Japan (-10.5%) and the United Kingdom (-14.5 per cent) joined the list of markets in sharp decline, which is already dominated by China (-17.4 per cent) and Hong Kong (-12.6 per cent)."
Foreign sales were up 18.2 per cent overall in April, and up by an unprecedented 149.2 per cent in the US, but the dramatic reaction to tariff uncertainty masks an underlying decline.
"The trend since the start of the year has remained positive on average, with growth of +1.1% at the end of May, bringing the cumulative total to CHF 10.8bn (USD 12.4bn)," said FHS.
"However, this result does not reflect the actual sales situation, which has followed a less positive trend