Swiss Watch Exports Grow 4.5% in November

Swiss watch exports gained 4.5 percent in November, led by sales of gold and steel watches, according to the Federation of the Swiss Watch Industry.
 
The growth fell below the annual average, but nevertheless resulted in the highest-ever monthly value of 2.2 billion Swiss francs, or $2.4 billion.
 
According to the Federation, Swiss watch exports increased 12.6 percent in the first 11 months of the year, compared to the same period in 2011.
 
In November, exports of watches costing less than 200 francs (export price) fell by 2.3 percent, representing the only downturn among price segments. Watches in the 200-500 francs category recorded the sharpest gains, while timepieces costing between 500 and 3,000 francs saw their value stagnate compared to November 2011. Watches costing more than 3,000 francs saw growth of 6.2 percent.
 
The slowdown in Hong Kong and China continued, with monthly exports declining 13.5 percent and rising 1.7 percent, respectively. Sales to the United States, however, grew by 9.8 percent.
 
“Obviously the growth has slowed compared to 2011, which is quite logical as 2012 has to be compared to 2011, which was a record year,” says Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry. “It is not always possible to increase the growth.”