Swiss Watch Sales up 11% in June
July 22, 26
(IDEX Online) - Swiss watch exports increased by 11.2% in June, following on from negligible growth (+0.4%) in May.
There was strong growth in the US (+12.7%), the biggest single market, and the UK (+12.2%), driven by a favorable base effect (lower sales last June), according to the Federation of the Swiss Watch Industry (FHS).
There were increases also for the United Arab Emirates (+20.4%) but sales were down in China (-16.5%), Germany (-10.6%) and Italy (-21.4%).
France saw a surge of +103.5%, but this reflects the fact that it is being used as a transit hub, from which goods can move tariff-free to Italy, Spain, Germany, and other EU countries, rather than a sign of increased domestic production.
Total foreign sales of Swiss watches for the month were CHF 2.4 billion (USD 2.95 billion), compared to CHF 2.1 billion (USD 2.63 billion), in May.
"This positive momentum has kept cumulative performance for the last six months on an almost even keel, at 12.8 billion francs, a dip of 0.7%," said FHS.