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Swiss watch exports slipped in March as demand slowed in the US and other key markets, including Japan and Germany.
Shipments of timepieces fell 1% to CHF 2.11 billion ($2.71 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. The decrease followed a month in which most major markets experienced strong increases, including the US, Japan and France.
“Swiss watch exports in March fell,” the federation said. “The US set the tone with a 1.6% decline. Since last December, the very strong variation shown by France does not reflect actual market growth, but rather reexports to other destinations…. Japan and Germany saw significant declines.”
Exports to the US slipped 1.6% to CHF 398.9 million ($511 million), while those to Japan fell 13% and shipments to Germany were down 9%. Those declines outweighed a 3.2% rise to CHF 155.3 million ($199 million) in the United Kingdom and 4.2% gain in China to CHF 146.6 million ($187.8 million). Meanwhile, orders in France advanced 72% to CHF 158 million ($202.5 million).
The conflict in the Middle East has not yet affected watch exports to the United Arab Emirates (UAE), which rose 0.7%, the federation noted. However, Saudi Arabia recorded a 17% drop.
Only timepieces priced between CHF 200 ($256) and CHF 500 ($641) saw increases, rising 15%. Those valued below CHF 200 decreased 0.3%, and those that cost CHF 500 to CHF 3,000 ($3,846) slid 3.7%. Watches above CHF 3,000 edged down 0.5%.
During the first quarter of the year, exports grew 1.4% to CHF 6.2 billion ($7.95 billion).
Image: A display of Swiss watches. (Shutterstock)
