Swiss Watch Exports Decline Further in November

Swiss watch exports continued to slip in November, spearheaded by the US performance.

Shipments of luxury timepieces dropped 7% to CHF 2.2 billion  ($2.77 billion) for the month, the Federation of Swiss Watch Industry reported Thursday. The dip followed a 4.4% decline in October.

“The fall in Swiss watch exports worsened in November,” the federation reported. “The US again impacted heavily on the overall result. The UK returned to growth, while Hong Kong continued the recovery that began in September. Conversely, Japan remained on a downward trend. Singapore achieved growth, while China fell back slightly.”

Exports to the US were down 52% to CHF 201.1 million ($252.9 million), while supply to the UK improved 8% to CHF 183 million ($230.1 million). Orders to Hong Kong rose 3.1% to 176.6 million ($222.1 million), while exports to Japan slid 4.1% to CHF 164.7 million ($207.1 million). Shipments to Singapore grew 4.9% to 156.6 million ($196.9 million), and China recorded a 3.2% fall to CHF 146.7 million ($184.7 million).

Timepiece exports advanced in only one price category: the CHF 200 ($252) to CHF 500 ($629) range, which rose 7%. Watches priced below CHF 200 plunged 20%, as those worth between CHF 500 to CHF 3,000 ($3,772) decreased 5% and units valued above CHF 3,000 regressed 8%.

From January to November, exports slipped 2.2% to CHF 23.44 billion ($29.47 billion).

Image: A display of Swiss watches. (Shutterstock)