Swiss watch exports see double digit decline in April
The Swiss luxury watch industry in April experienced an 11.1% year-on-year decline, with the value of Swiss watchmaking dropping to 1.6 billion francs, as reported by the Federation of the Swiss Watch Industry FH.
Precious metal watches and luxury watches costing more than 3,000 francs (over £2,000) registered a steep fall in both value and volume terms, which could not be offset by the growth recorded by the 500-3,000 francs segment (approximately between £350 and £2,000).
The industry’s largest markets presented declines from 36% (China) to 5.8% (Japan), while the US, the UAE and the UK showed improvement with growths of 1.2%, 26% and 3.7% respectively.
Meanwhile watch exports to Hong Kong continued to falter for the fifteenth consecutive month, dropping by 17%.
In global terms, Swiss watch exports have declined by 9.5% over the first four months of the year.