Swiss watch exports fell as sales in Hong Kong and China experienced marked falls in the last quarter, reports the Federation of the Swiss Watch Industry (FH). After drops in the May and July quarter reports there has been no respite, with watch exports down for the third quarter after falling 9.9% in September and 10% in July.
The value of Swiss watch exports was down 7.9% compared to September 2014, at 1.8 billion francs.
The focus as ever is on Asia, where sales declined 12.7% in September, with drops in Hong Kong, China, Singapore, Taiwan and South Korea, which was particularly bad, from -3.7% in August to -35% in September.
The downturn affected all price segments, but the ‘below 500 CHF’ (export price) category was particularly hard hit, with the 200 – 500 CHF segment showing a decline of -14.5% by value.
The United States recorded its worst monthly downturn in five years. Europe recorded its tenth consecutive month of growth.
[Tables and charts from the FH]