US Market Buoys Swiss Watch Exports

RAPAPORT... Swiss watchexports jumped 10% to CHF 1.82 billion ($1.84 billion) in September, as orders from the UScontinued to grow.Shipments to the US rose 15% year onyear to CHF 214.8 million ($217.4 million), making it Switzerland's largest export market for timepieces for the third month this year, the Federation of the Swiss Watch Industry said last week. Exports to China jumped 26% toCHF 162 million ($163.9 million), and those to Japan spiked 31.6% to CHF 146.8 million($148.5 million). Of the sixcore countries the Swiss watch market serves, only Hong Kong saw a drop, with exportsfalling 4.6% to CHF 196.7 million ($199 million) for the month. "Swiss watchexports benefited from an additional working day and a favorable base effect inSeptember," the federation said. A large shareof the growth wasdriven by higher-value timepieces, the federation noted, with the supply of watches priced over CHF 3,000 ($3,034) going up 17%. Items worth below CHF 200 ($202) declinedby 8%, while those in CHF 500 ($506) to CHF 3,000 bracket fell 2.9%. Demand for watches valued between CHF 200and CHF 500 saw a slight rebound for the second consecutive month, increasing2.2%.Exports of watches made of precious metalrose 14% to CHF 566.4 million ($573million), continuing their upward trend. Bimetal shipments grew 25.6% to CHF344.7 million ($348.7 million). In the firstnine months of the year, exports climbed 2.8% to CHF 15.9 billion ($16.08billion). Image: Swiss watches in a store window. (Shutterstock)