Strong Demand from Hong Kong Drives Growth in Swiss Watch Exports During July

88
Strong Demand from Hong Kong Drives Growth in Swiss Watch Exports During July

Boosted by a very strong rise (27%) in exports to Hong Kong, the Swiss watch export industry registered a year-on-year increase of 6.6% during July 2018, to reach 1.8 billion francs, the Federation of the Swiss Watch Industry FH said in a statement released last week.

It added that in cumulative terms growth since the beginning of the year also continues on a strong trajectory (+10%).

While several major markets expanded strongly, and many others remained stable, Hong Kong alone accounted for about 37% of the industry’s global growth during the month. The United States (-0.7%) and China (-0.4%) slackened, but Japan (17%) and UK (8%) reported significant y-o-y change. France, the other of the top six markets dipped marginally by 1%.

Bimetal (17.3%) watches made the biggest contribution to the growth in value, followed by steel (6.5%) and while precious metal products (2%) and other metals (4.4%) indicated a smaller rise. As had been the case earlier too, volumes rose strongly (+9%), almost two-third of the advance being attributable to bimetal watches (+66.5%).

The Federation also said that the price segments at two ends of the spectrum exhibited strong growth, with the below 200 francs and the above 500 francs (export price range) rising. Watches priced at under 200 francs made considerable gains, growing by 12.4% in volume terms and 11.2% in value terms, it was reported.

News Source : gjepc.org

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.

LEAVE A REPLY

Please enter your comment!
Please enter your name here