RAPAPORT… Swiss watch exports saw their ninth consecutive monthly decline as US orders slipped and a fresh wave of European lockdowns cast a cloud over demand in the region.
Global shipments fell 7% to CHF 1.88 billion ($2.07 billion) in October, the gentlest fall since February, the Federation of the Swiss Watch Industry reported Thursday.
Exports to the US fell 5% to CHF 215.9 million ($236.7 million), while supply to Japan slumped 17% to CHF 120.6 million ($132.3 million). European countries also recorded heavy drops: Exports to Germany were down 17% and to France slid 39%, with orders from Italy decreasing 26% and from Spain 28%. Shipments to the UK fell 8%.
“The spread of the pandemic in these markets, and the measures taken by their respective governments, suggest a somewhat pessimistic outlook for the next few months,” the federation said in a statement.
The gloomy figures outweighed a 15% rise in exports to China, for a total of CHF 251.6 million ($275.7 million), and Hong Kong’s 3.5% increase to CHF 198.2 million ($217.2 million) — the municipality’s first year-on-year improvement since March 2019.
Image: Luxury watches in a store. (Shutterstock)
Swiss Watch Exports Maintain Gloomy Streak
The Bottom Line
- Global Swiss watch exports dropped 7% to CHF 1.88 billion ($2.07 billion) in October, marking the ninth consecutive monthly decline.
- Exports to the US, Japan, and major European markets including Germany, France, Italy, Spain, and the UK all saw significant decreases.
- China and Hong Kong were the only markets with export growth, rising 15% and 3.5% respectively, with Hong Kong’s first year-on-year increase since March 2019.
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