Asia Has Lost Its Taste for Swiss Bling
- Shipments fell 14 percent, declining for 13th straight month
- Hong Kong slips behind U.S., becoming second-biggest market
Swiss watch exports declined for a 13th consecutive month in July as Hong Kong, traditionally the biggest market for luxury timepieces, slipped to second place for the first time in almost a decade.
Shipments fell 14 percent to 1.6 billion francs ($1.7 billion), the Federation of the Swiss Watch Industry said in a statement Tuesday. Exports to Hong Kong fell 33 percent to 175 million francs.