Decline in Swiss Watch Exports Continues

RAPAPORT... Swiss watch exports continued to slow down in May, the second month of "quasi-paralysis" in the sector, according to the Federation of the Swiss Watch Industry.Shipments slid 68% to CHF 655.6 million ($688.4 million) for the month, with all markets declining significantly. Orders from the US plummeted 79% to CHF 43.3 million ($45.5 million), while supply to Hong Kong dropped 69% to CHF 84.8 million ($89 million). Exports to Japan fell 74% to CHF 39.3 million ($41.3 million). While China performed better than other countries, it still recorded a sharp drop, sliding 55% to CHF 102.2 million ($107.3 million), compared to a milder decline of 16% in April. "It seems that the recovery in this market is not yet a given," the federation said last week.The slump was steep across all price categories, with exports of timepieces valued between CHF 500 ($525) to CHF 3,000 ($3,150) declining 71% by value. Watches worth more than CHF 3,000 dropped 66%.Shipments of timepieces made from precious metals decreased 63% to CHF 245.9 million ($258.2 million). Supply of gold and steel watches saw the heaviest decline, tumbling 74% to CHF 84.7 million ($88.9 million).Image: A store display of Swiss watches. (Shutterstock)