Swiss watch exports grow despite slump in biggest market Hong Kong


unspecified-53-1200x800

SINGAPORE: The value of Swiss watch sales abroad grew by 2.4% last year as strong business in several East Asian countries outweighed a 11.4% drop amid the unrest in Hong Kong, the biggest market for Swiss timepieces.

Hong Kong, a regional distribution hub for luxury goods, still accounted for 12.3% of Switzerland's global watch exports last year, which amounted to a total of 21.7 billion Swiss francs (US$22.3bil), the Federation of the Swiss Watch Industry reported on Tuesday .

"Hong Kong was heavily penalised by the protests that have been taking place there since June," the industry group said in a statement.

While exports rose in terms of value, the number of watches shipped abroad dropped by more than 13 per cent to 20.6 million pieces, reaching a level comparable to the early 1980s.

Last year's overall sales increase was almost exclusively due to growth in the high-end segment, which includes mechanical or precious metal watches which sell for more than 3,000 francs.

In contrast, Swiss manufacturers saw a decline in less expensive quartz and steel watches.

Swiss watch sales increased the most in Japan, China, Singapore, Britain and the United States last year, while markets on the European mainland remained flat.

Looking ahead, the industry group cited the strength of the Swiss franc, the political paralysis in Hong Kong, the US presidential election and an ongoing coronavirus epidemic in China as its biggest challenges. - dpa/Asian News Network
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Swiss Watch , Export , Numbers Grew

   

Next In Regional

Beijing video game regulators really know the industry, despite tech crackdown, says founder of gaming powerhouse XD
Discriminating against M'sian palm oil on food labels now an arrestable offence, says Deputy Minister
Chip crunch hits customers like ‘never’ before year into crisis
Sabah to play its part in Bimp-Eaga economic revival plans
Warrant of arrest Issued against ex-CEO of Transmile
Esports talent in South Korea gets boost from big business, easing of gaming ban
Singapore tugboat detained for illegal anchoring off Johor
SG employment agency that suffered data breach says most stolen data is from fake profiles
Malaysia and Singapore to discuss air travel for vaccinated, says Nancy Shukri
PM receives courtesy call from Prabowo

Others Also Read


Vouchers