Swiss watch exports experienced a further decline in November as economic challenges persisted across key markets.
Shipments of watches fell 3.8% to CHF 2.41 billion ($2.68 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. This marked the continuation of a downward trend seen over the last several months, with cumulative exports for the year slipping 2.7% to CHF 23.94 billion ($26.67 billion).
Exports to the US rose 4.7% to CHF 420.8 million ($469.4 million). Japan retained its position as the second-largest market despite a 2.5% decrease to CHF 171.7 million ($191.5 million). Meanwhile, shipments to China and Hong Kong plummeted, with drops of 27% to CHF 151.5 million ($169 million) and 19% to CHF 170.4 million ($190.1 million), respectively.
“Swiss watch exports in November remained in line with the average for the previous 10 months,” the federation noted. “The US was the only one of the top 10 markets to post an increase. The poor results achieved in Hong Kong and China continued to weigh heavily on the global trend.”
Timepieces over CHF 3,000 ($3,347) showed resilience, dipping just 0.9%. Watches in the CHF 200 ($223) to CHF 500 ($558) range were down 8% and those priced below CHF 200 fell 4.9%, while the CHF 500 to CHF 3,000 range experienced a more significant decrease of 15%.
Image: A display of Swiss watches. (Shutterstock)
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