Swiss watch exports fell 12.3% in October from a year earlier
Oct 31, 2017 11:37:57
Swiss watch exports are set to top the 2 billion franc mark (which would easily have been exceeded in the past) in October, down 12.3 percent from a year earlier, making it one of the worst months of the year, according to figures released recently by the Swiss watch industry federation (FH). An unfavourable base effect and the loss of a working day (compared with last October) played a big part, though the main reason was the severe contraction in Asian and American markets.
Fine steel and precious metal watches set the tone for Swiss watch exports in October, which fell 12 per cent, with an even sharper drop (-18.5 per cent and -14.3 per cent). Swiss watch exports fell sharply in October, dragged down by fine steel watches. Fine steel between the gold table (export +16.2%) and other metal table (export +1.0%) although there is a positive performance, but it is difficult to save the overall situation。
All timepieces in the price range were not spared. The fall in exports below 200 Swiss francs (-7.2% for exports, -10.5% for exports) and between 500 and 3,000 Swiss francs (-7.1% for exports, -8.2% for exports) was less pronounced but still not negligible. Exports and exports of products priced between 200 and 500 Swiss francs (exports -13.0%, exports -13.2%) and above 3,000 Swiss francs (exports -16.1%, exports -14.3%) fell by more than 13%.
Hong Kong experienced its worst downturn of the year and continues to deteriorate. America lost ground again after a dismal September, when two months of decline brought an abrupt end to a steady trend of growth. Despite the high base of comparison, Japan held to 2014 levels. Mainland China appears to have suffered only one less working day, improving after a particularly difficult summer. Italy and Germany slipped slightly behind mainland China. France (+7.1 per cent) and the UK (+11.5 per cent) were very positive.