Swiss watch exports rose in March amid a resurgence in US demand and solid growth in the United Kingdom, which surpassed Hong Kong and China for the first time
Shipments of timepieces grew 1.5% to CHF 2.13 billion ($2.61 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The increase followed a month in which demand in most major markets, including the US, Japan, Hong Kong and China, decreased.
“Swiss watch exports returned to positive territory in March,” the federation said. “Exports in March were again driven by their main market, the US, which posted growth. Japan followed with a more moderate increase, while the UK joined the leading trio, posting steady growth. Conversely, Hong Kong and China remained on a downward trend, although the pace of decline slowed.”
Exports to the US grew 14% to CHF 405.2 million ($495.6 million), while shipments to Japan increased 1% to CHF 160.6 million ($196.5 million). Supply to the UK rose 11% to CHF 149.8 million ($183.1 million). Orders from Hong Kong were down 11% to CHF 146.3 million ($178.8 million), and in China they declined 12% to CHF 140.7 million ($172 million).
Timepieces at the lower end of the price spectrum saw decreases, with those that cost below CHF 200 ($244) down 1.4%, as watches worth between CHF 200 and CHF 500 ($611) dipped 18%. Watches valued at CHF 500 to CHF 3,000 ($3,665) rose 2.6% and those priced above CHF 3,000 increased 1.8%, the federation added.
During the first quarter of the year, exports fell 1.1% to CHF 6.11 billion ($7.47 billion).
Image: A display of Swiss watches. (Shutterstock)
