An anticipated turnaround didn’t come
While the Swiss watch industry was hoping exports would show a recovery by the end of the year, they instead fell 16.4 percent in October, their steepest fall this year, according to the Federation of the Swiss Watch Industry FH (CHF).
Exports to the United States during the month fell a whopping 16.5 percent. Shipments to Hong Kong fell 21.5 percent. The United Kingdom was the best market, with a 9 percent jump in exports, as the industry benefited from the drop of the pound following the Brexit referendum.
Exports for the year are now down 11 percent. This is the 16th month in a row exports have fallen.
The biggest declines were seen in timepieces priced less than 200 francs (export price). Precious metal watches also recorded steep falls.