Swiss watch exports decline in November
Switzerland’s watch exports in November declined annually, partly due to unfavorable economic conditions, figures from the Federation of the Swiss Watch Industry FH showed Thursday.
The value of watch exports declined 4.4 percent annually in November to CHF 2.1 billion. In volume, watch exports dropped 6.8 percent annually. Exports of gold watches logged a decline of 1.6 percent in value and that of steel watches dropped by 3.4 percent. Bimetallic products logged a sharp fall of 8.1 percent.
Watch exports to Germany and Hong Kong plunged 14.6 percent and 13.5 percent, respectively. Shipments to Hong Kong had grown in the previous two months. At the same time, exports to the United States continued its favorable trend, with a rise of 17.1 percent, which was one of the largest increases.
Considering main European markets, Italy posted a 3.0 percent fall and it was situated close to the world average and Germany and France recorded moderate losses.
Meanwhile, exports to Japan dropped 4.8 percent in November, after twelve months of continuous growth and those to South Korea decreased 1.7 percent following 16 months of solid gains.