According to the Federation of the Swiss Watch Industry, April saw Swiss watch exports slump, with demand from Hong Kong and the U.S. declining. This follows the downward trend of the last two years, which has troubled watch retailers and manufacturers across the globe.
Last month, shipments of timepieces fell 5.7 per cent to USD $1.58 billion compared with the previous year. March’s results had been more positive, with a recovery in Hong Kong and China driving a 7.5 per cent global rise in exports. Swiss watch exports have now declined year over year in 21 out of the past 22 months.
According to the Federation, this overall decline was still better than anticipated, Because April contained three fewer working days than last year, it was unsure of this month’s true outcome.
“In spite of the tougher comparison base in April, low single-digit growth would have been a very good result, while flat would have been okay, so being slightly down is a little disappointing, but not the end of the world,” B John Guy, an analyst at MainFirst Bank, told Bloomberg.
By material, precious metal watch exports dropped 13 per cent to USD $498.4 million, while steel timepiece shipments slipped 2.4 per cent to USD $602.9 million. Watches that contained both gold and steel grew 6 per cent to USD $256.9 million.
