US Correction Drives Down Swiss Watch Exports
July 29, 25
(IDEX Online) - Exports of Swiss watches fell again in June - down 5.6 per cent year-on-year - but by less than the 9.5 per cent drop the previous month.
Total foreign sales were CHF 2.2bn (USD 2.7bn).
The Federation of the Swiss Watch Industry Exports (FHS) said the prolonged slowdown was being driven by the correction in the US market.
But this was offset, to some extent, by a notable uptick in exports to China.
In April there was an unprecedented surge in exports to the US -up by 149.2 per cent - as US importers rushed rushing to beat tariff deadlines that were subsequently paused.
As a result, sales have since slowed. In May they were down 25.3 per cent year-on-year. June's figure is -17.6 per cent.
Meanwhile China saw Swiss watch imports increase for the first time in well over a year.
Sales were up by 6.1 per cent during June, but are still almost 30 per cent lower than two years previously.
Hong Kong suffered a decrease of 10.6 per cent. Japan was down 11 per cent.