Hong Kong Slump Disrupts Swiss Watches

RAPAPORT... Swiss watch exports fell in November as orders from HongKong continued to slow. Shipments to all countries declined 3.5% to CHF 1.99 billion($2.03 billion) in November, the Federation of the Swiss Watch Industryreported last week. That mainly reflects a 27% drop in exports to Hong Kong,which outweighed a 4.6% increase in orders from the US.Pro-democracy protests have devastated luxury demand in Hong Kong over the past six months. As a result, the US has now overtaken the municipalityas the number-one export destination for Switzerland's timepieces. "Swiss watch exports recorded a negative result inNovember because of the sharp decline in Hong Kong, while the rest of the worldremained broadly stable," the federation noted. The global slowdown was mainly in timepieces with anexport price up to CHF 3,000 ($3,053). Shipments of more valuable watches rose2%. Steady demand from the US and China has provided somesupport, with global shipments growing 2% to CHF 19.95 billion ($20.3 billion)for the first 11 months of the year.Image: A TAG Heuer watch. (Piqsels)