Swiss watch exports continue downturn in February 2016
Swiss watch exports remained on a negative trend for the eighth consecutive month, according to a press release from the Federation of the Swiss Watch Industry (FHS), which notes that the downturn in January was less marked than previously. The export figures in February 2016 represents a decline of 3.3% compared to 2015, which was greatly influenced by developments on the Hong Kong market, explains the FHS.
Watches costing more than 3,000 Swiss francs (export price) returned to positive growth in February, both in value and volume terms. Below this marker, all price segments recorded a downturn. After twelve months of steep decline the trend was unchanged in Hong Kong, which remained well below par for the thirteenth consecutive month, according to the FHS.
The United States, putting an end to five months of decline, showed renewed signs of growth despite an unfavorable base effect. Japan however benefited from an easier base of comparison and confirmed January’s very good result. This showing contrasted with that of China, where the rate of decline continued to outpace the world average. Overall, Europe registered an upturn of 4.0%. Italy showed no change compared to February 2015, while Germany recorded a significant improvement, says the FHS.