The Federation of the Swiss Watch Industry has released its export report for 2015, logging its first downturn since 2009.
According to the report, exports are down 3.3 per cent since 2014, bringing exports back to the 2012 level.
“This situation will continue to influence results for the Swiss watch industry in the first part of 2016, which moreover will suffer from a generally unfavorable base effect,” says the report. “Consequently, watch exports are likely at best to achieve the same value this year as in 2015. Visibility however is poor.”
The report noted that several factors contributed to this phenomenon, including the economic slowdown, political decisions in China, tensions in the Middle East, the overvaluation of the franc and terrorism.
To view the full report, click here. CJ
