A Sudden Shift: The February Downturn in Swiss Watch Exports
Swiss watch exports plunged for the first time in February, with a fall of 3.8 percent after more than two years of almost unbroken growth.
The most significant slump was in China, the second-largest market for Swiss watches, according to the Federation of the Swiss Watch Industry Exports (FHS).
It signals a reverse of fortunes after an increase of 3.1 per cent in January.
Exports to the US were up by 5.5 per cent, but those to the top six markets globally fell by over 6 per cent. Exports of watches above CHF 3,000 ($3,300), which account for almost 80% of the value, indicated that their total value fell 1.8%.
