Swiss watch exports slid in October amid prolonged weakness in Hong Kong and China and a drop in demand for higher-priced timepieces.
Total shipments slipped 2.2% year on year to CHF 2.34 billion ($2.65 billion), the Federation of the Swiss Watch Industry reported Tuesday. For the first 10 months, supply declined 2.6% to CHF 21.53 billion ($24.37 billion).
“China again saw a deterioration in its position and along with Hong Kong, represented a major obstacle at the global level,” the federation noted.
Supply to China plummeted 39% to CHF 167.4 million ($189.5 million), while Hong Kong recorded a 15% drop to CHF 161.9 ($183.3 million). The two top destinations for Swiss watches both saw growth, with the US advancing 11% to CHF 421.9 million ($477.6 million) and Japan climbing 20% to CHF 190.6 million ($215.8 million).
Watches priced below CHF 200 ($226) fell 13% by value, while those in the CHF 200 to CHF 500 ($566) range decreased 10%. Timepieces that cost between CHF 500 and CHF 3,000 ($3,394) saw the biggest decline, down 21%. Meanwhile those worth more than CHF 3,000 were the only category that showed growth, rising 1.7%.
Image: A display of Swiss watches. (Shutterstuck)
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