The decline in Swiss watch exports has persisted in January as shipment numbers to Hong Kong and the U.S.—the industry’s largest trade partners—showed little sign of improving.
According to figures published by the Federation of the Swiss Watch Industry, total exports fell 7.9 per cent year on year to $1.53 billion USD last month, with shipments of wristwatches down 8.1 per cent to $1.44 billion USD.
Shipments to Hong Kong tumbled, dropping 33 per cent to $207.6 million in January, demonstrating the market’s 12th successive month of steep decline. Exports to the U.S. also fell 14 per cent to $159.8 million, dropping for the fifth consecutive month.
Moreover, each of the main price segments recorded declines. The steepest was in the $202 to $504 USD range, which fell 12 per cent in value. Additionally, timepieces costing $504 to $3,027 USD slumped by nine per cent. By volume, the steepest fall was in the least expensive category of up to $202 USD.
During the month, all major categories of watches fell in terms of value and volume, with the largest decrease apparent in the gold-steel catgory, which dropped 11 per cent. Exports of steel watches also declined 10 per cent, while precious metal watch shipments fell 14 per cent and steel watches dropped 9 per cent in terms of volume. CJ