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Swiss watch exports dropped in October as orders from the US normalized following a tariff-induced bump earlier this year.
Shipments of luxury timepieces fell 4.4% to CHF 2.2 billion ($2.73 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The dip followed a 3.1% decline in September.
Exports to the US surged in April and July as uncertainty over import duties prompted businesses to send goods to America. Shipments slumped in the subsequent months as the market rebalanced.
“The sharp correction in the US continued, negatively impacting the overall result,” the federation commented. “Conversely, exports to China increased for the second month in a row. Japan extended the negative trend that began five months ago, while Hong Kong and Singapore continued to grow. The UK fell back.”
Exports to the US were down 47% to CHF 224.3 million ($278.3 million), while shipments to China improved 13% to CHF 188.5 million ($233.9 million). Supply to Japan declined 6% to CHF 180.1 million ($223.4 million), as orders to Hong Kong rose 2.4% to CHF 165.8 million ($205.7 million) and Singapore gained 7% to CHF 153.1 million ($189.9 million). Exports to the UK fell 7% to CHF 152.6 million ($189.3 million).
Timepieces in two price ranges saw improvements. Units valued below CHF 200 ($248) rose 8%, while those priced between CHF 500 ($620) to CHF 3,000 ($3,722) were up 9%. Watches that cost between CHF 200 to CHF 500 slipped 0.9%, and pieces valued above CHF 3,000 decreased 7%.
From January to October, exports slid 1.6% year on year to CHF 21.19 billion ($26.29 billion).
Image: Patek Philippe watches at a store in Bangkok, Thailand. (Shutterstock)
