Asia Drives Growth in Swiss Watch Exports

RAPAPORT... Swiss watch exports grew last year amid stronger demand fromAsian markets, the Federation of the Swiss Watch Industry reported Tuesday.Exports for 2017 increased 2.7% year on year to $21.29billion (CHF 19.92 billion). Shipments to China jumped 19% to $1.64 billion(CHF 1.54 billion), while supply to Hong Kong rose 6% to $2.7billion (CHF 2.52 billion). Those improvements outweighed a 4.4% drop in exportsto the US to $2.19 billion (CHF 2.05 billion). For December, total exports edged up 0.7%, with shipments to HongKong rising 12% - the ninth positive month of the year for that market. Watch exports to the US fell 10%. "The main Asian markets generally saw steep increases in the final months of the year," the federation said. "The US still seems to be in the doldrums and posted the steepest fall since May." In terms of price categories, lower-priced watches losttraction in December. Exports of watches valued under $214 (CHF 200) were down16%, while those priced at $214 to $534 (CHF 500) fell 3%. Higher price rangescontinued to advance: Shipments of watches valued between $534 and $3,206 (CHF3,000) rose 6%, and timepieces worth more than $3,206 climbed 0.3%.Image: Parmigiani Fleurier