Aug 21, 2009 10:00:42 AM
The downwards trend for the Swiss watch industry continues
Official industry figures for July
Even if economic indicators worldwide suggest that the crisis is coming to an end – the Swiss watch industry continues to decline. According to today's report by the FHS (Swiss watch industry association) there was a further drop in exports in July. Compared to the month before, the industry suffered a drop of 25.9 % to 1191.5 million CHF. In real terms the drop was 26.5 %. This continuing decline affected all price segments, with sales of watches between 200 and 500 CHF holding up best. As expected, the sharpest decline was in the luxury watch segment with prices above 3000 CHF.
In value terms exports of watches fell by 25.4 % to 1125.2 million CHF. In terms of numbers the fall was 25.1 % to 1.8 million. Exports of gold watches (-31.3 %) continued to drop sharply, with slightly less dramatic declines in steel (-26.0 %) and bi-metal products (-25.2 %). In contrast there was, according to the report, a small rise in the "other metals" category (+3.2 %). Exports to Hong Kong fell by a significant 31.7 % to 173.7 million CHF. There was an even sharper drop in exports to the USA (-39.2 % to 135.7 million CHF). The export figures for China dropped by 21.8% to 72.4 million CHF.
On the other hand the European markets were healthier for the Switch watch industry, reports the association. Exports to France fell by 9.6 % to 102.1 million CHF and to Germany by only 5.5 %, to 75 million CHF. In Italy sales declined by 14.3 % to 88.1 million CHF.