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Swiss watch exports fell in January as a decline in the US market impacted overall results.
Shipments of luxury timepieces dropped 3.6% to CHF 1.92 billion ($2.49 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The dip followed a rise of 3.3% in December, which ended a four-month downward trend.
“The US returned to negative territories, weighing heavily on the overall performance,” the federation commented. “Conversely, Hong Kong and China showed signs of a recovery, while Japan, hampered by an unfavorable base effect, recorded a decline. France continued the strong momentum initiated in December with growth, and the United Arab Emirates (UAE) remained among the six leading markets.”
Exports to the US dropped 14% to CHF 325.9 million ($422 million), while shipments to Hong Kong grew 2.6% to CHF 144.7 million ($187.4 million) and China was up 5%, also to CHF 144.7 million. Orders to Japan slipped 8% to CHF 143.2 million ($185.4 million). Exports to France spiked 37% to CHF 123.2 million ($159.5 million) and those to the UAE climbed 8% to CHF 120.5 million ($156 million).
Timepieces in three price ranges saw improvement. Units valued below CHF 200 ($259) advanced 1.1%, while watches ranging from CHF 200 to CHF 500 ($647) improved 6%. Pieces between CHF 500 and CHF 3,000 ($3,884) gained 18%, as those priced above CHF 3,000 dropped 8%.
Image: A display of Swiss watches. (Shutterstock)
