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Swiss watch exports rose in most markets during September, but a significant decline in the US offset the month’s overall growth.
Shipments of luxury timepieces fell 3.1% year on year to CHF 1.99 billion ($2.51 billion), the Federation of the Swiss Watch Industry reported Tuesday. The decrease comes after a 17% drop in August.
“Most markets saw marked increases in September, but these were canceled out by the huge correction in the US,” the federation said. “Without this expected but nonetheless extraordinary development, Swiss watch exports would have grown by 7.8%.”
The UK saw the highest total for the month, while Japan “continued on a downward trend,” the federation pointed out, adding that the decline was gentler than for the previous four months. Hong Kong, China and Singapore displayed “renewed dynamism,” it continued.
Exports to the UK were up 15% to CHF 173.3 million ($218.6 million), while shipments to Japan slipped 8% to CHF 158 million ($199.3 million). The US plummeted 56% to CHF 157.7 million ($199 million). Supply to Hong Kong climbed 21% to CHF 155.6 million ($196.3 million), and China improved 18% to CHF 151.7 million ($191.4 million). Deliveries to Singapore rose 8% to CHF 133.4 million ($168.3 million).
The CHF 500 ($630) to CHF 3,000 ($3,782) price range was the only one that experienced growth, increasing 4.2%. Watches valued under CHF 200 ($252) declined 10%, while timepieces that cost between CHF 200 to CHF 500 nosedived 23%. Goods above CHF 3,000 contracted 3.4%.
In the first nine months, exports fell 1.2% year on year to CHF 18.95 billion ($23.87 billion).
Image: A display of Swiss watches. (Shutterstock)
