Swiss Watch exports fell in February as demand declined in all of the key markets, most significantly the US and Japan.
Shipments of timepieces slipped 8% to CHF 1.98 billion ($2.25 billion) for the month, the Federation of the Swiss Watch Industry reported Thursday. The decrease followed a month in which demand in both the US and Japan were strong. Exports also dropped in spite of a poor result the same month a year ago, when exports fell 3.8% as appetite in China and Hong Kong weakened, the federation noted.
“Swiss watch exports fell…despite a favorable base effect,” the federation said. “Most of the main markets saw significant declines in February. The US, the leading market for watch exports, posted a negative performance. Hong Kong continued on a downward trend, while China continued to fall. There was a sharp contraction in Japan.”
Exports to the US dropped 7% to CHF 340.3 million ($385.7 million) for the month, while shipments to Hong Kong decreased 13% to CHF 151.4 million ($171.6 million), and those to China slumped 25% to CHF 145.1 million ($164.5 million). Supply to both the UK and Singapore fell, and Japan, which had previously surpassed China and Hong to take second place, slid to sixth, down 19% to CHF 126.1 million ($143.1 million).
Timepieces at the lowest end of the price spectrum represented the only category to see an increase, with those that cost below CHF 200 ($227) up 2.7%. Watches valued between CHF 200 and CHF 500 ($567) fell 3.3%, while those worth CHF 500 to CHF 3,000 ($3,403) slid 15%. Timepieces above CHF 3,000 were down 7%, the federation added.
In the first two months of the year, exports fell 2.4% to CHF 3.98 billion ($4.55 billion).
Image: A display of Swiss watches. (Shutterstock)
