Swiss Watch Exports Fall for Eighth Month on Hong Kong Slip
- Shipments to Hong Kong, industry's largest market, decline 25%
- Exports to U.S. gain 2.4%, after five months of decline
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Swiss watch exports fell for an eighth consecutive month as shipments to Hong Kong extended a one-year rut caused by rich Chinese traveling to cheaper locations to buy expensive timepieces.
Shipments slid 3.3 percent to 1.65 billion Swiss francs ($1.7 billion) in February, or by 7.9 percent adjusted for the number of working days in the month, according to data from Switzerland’s customs office. Exports to Hong Kong fell 25 percent, declining for a 13th month, the Federation of the Swiss Watch Industry said in a separate statement.