Swiss Watch Exports Slip 2% in February

PARIS — Following a positive start into the year, Swiss watch exports declined 2 percent in February on the back of a sharp downturn in Hong Kong, one of its top markets. Exports of Swiss timepieces for the month totalled 1.69 billion Swiss francs, or $1.69 billion, according to the Federation of the Swiss Watch Industry, releasing the data as the Baselworld fair kicked into high gear. Hong Kong slumped 21.8 percent on the month, marking the region’s steepest fall in two years. Exports to Japan declined 15.4 percent due to a negative base effect, while other geographies registered positive results: the U.K. up 54.2 percent; and Italy 17.6 percent. Unit sales of watches in precious metals fell 4.8 percent, the federation said, while watches in other metals posted a rise of 32.8 percent in volume terms. Watches priced at less than 200 francs, or $199, (export price) were the only category to report an increase in February, recording a 9.2 percent rise in value terms. Above 200 francs, all segments declined at roughly 4 percent in terms of both value and unit terms. The federation had reported a 3.7 percent upswing in exports in January.

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