WhatsApp
Email
Facebook
Twitter
LinkedIn
Swiss watch exports declined in August across all major markets, following months where importers boosted orders to stock up for the holidays ahead of the increase in tariffs on Swiss goods.
Shipments of luxury timepieces fell 17% year on year to CHF 1.64 billion ($2.08 billion), the Federation of the Swiss Watch Industry reported Thursday. The drop comes after a 7% rise in July.
“All of the main markets saw double-digit declines” the federation said. “The fall in the US reflected an expected rebalancing following the high level of exports seen in April and July. Hong Kong and China continued on a downward trend, while the United Kingdom saw a sharp contraction. Japan, which was also penalized by a negative base effect, and Singapore followed suit.”
Export to the US were down 24% to CHF 245.1 million ($310.6 million), while shipments to Hong Kong slipped 13% to CHF 116 million ($147 million) and China plunged 36% to CHF 115.3 million ($146.3 million). Supply to the UK fell 21% to CHF 112.8 million ($143.1 million). Deliveries to Japan plummeted 23% to CHF 111 million ($140.8 million) and those to Singapore decreased 14% to CHF 106.9 million ($135.6 million).
Timepieces across all price ranges experienced negative results. Exports of items valued below CHF 200 ($253) slid 17%, while those between CHF 200 to CHF 500 ($634) inched down 1%. Watches that cost between CHF 500 to CHF 3,000 ($3,805) dropped 15% and units priced above CHF 3,000 category fell 17%.
From January to August, exports slipped 1% year on year to CHF 16.96 billion ($21.51 billion).
Image: A display of Swiss watches. (Shutterstock)
