RTTNews - Switzerland's watch exports dropped 27.6% year-on-year in May after falling 26.3% in April, the Federation of the Swiss Watch Industry FH said Tuesday. Export value stood at CHF 1.1 billion.
The cumulative result over the first five months of the year stood at CHF 5.027 billion, a decline of 25% over the same period of the previous year.
The federation said wristwatches manufactured from 18-carat gold suffered a sharp decline, as did bimetallic timepieces. In general, steel had a great effect on the total.
The number of pieces exported fell less steeply than the value but was down nonetheless by 420,000 units, due mainly to steel and the category of other metals. Since the beginning of the year, volumes have fallen by 2.5 million pieces in five months.
Wristwatches costing more than 3,000 francs had shown enduring resistance to the downward trend in the industry. The categories 0-200 francs and 500-3,000 francs recorded a downturn of around 20%. The best result was achieved by the smallest segment, between 200 and 500 francs, which registered a decline of around 10%.
Moreover, the federation said situation in the main markets has changed little since April. It worsened slightly in Hong Kong and remains worrying in the United States, which registered one of the highest rates of decline in May. France maintained a more moderate level of decline, together with Italy, which saw its result deteriorate over the course of the month. Although still on a downward trend, exports to Singapore and China improved compared to April.
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