Shipments to China slumped 65% in May, the Federation of the Swiss Watch Industry said Tuesday. Still, strong appetite for timepieces in the US and Europe offset that decline and helped total exports rise 14% to 2 billion Swiss francs ($2.1 billion).
US and European exports rose more than 30% as consumers returned to stores. In Asia, China’s weakness was offset by rising exports to Japan and Singapore.
Pricey timepieces valued at more than 3,000 francs continued to drive gains. Swiss watchmakers have been relying on selling fewer high-priced watches to fuel the recovery.
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