Exports tumbled 8.8 percent in the 14th consecutive downbeat month
The Swiss watch business recorded yet another month of declining exports—its 14th in a row, according to the Federation of the Swiss Watch Industry FH.
Overall exports in August fell 8.8 percent from last year.
Watches made of precious metals accounted for most of the fall. Steel timepieces, on the other hand, showed growth.
The fall was not felt among all price points. Exports of watches costing more than 3,000 francs suffered a particularly steep decline, but items priced in the middle range—between 200 francs and 3,000 francs—showed growth. The value of timepieces costing less than 200 francs remained stable in value terms, but volumes were lower.
In July, the United States unseated Hong Kong as the world’s largest watch market. But this month, Hong Kong retook the crown, and exports to the United States fell 12.4 percent.