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Swiss Watch Exports Post Biggest Quarterly Drop Since 2009

  • Shipments fell 16% in March to lowest level in five years
  • Demand for timepieces declines across all major markets
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Swiss watch exports posted the biggest quarterly drop since 2009 as the industry faces declining demand across all its main markets.

Shipments fell 8.9 percent in the first quarter, adjusted for working days, according to data from Switzerland’s customs office. Exports declined 16 percent in March to 1.5 billion francs ($1.5 billion), the lowest level for that month in five years, the Federation of the Swiss Watch Industry said in a separate statement. The falloff was broad-based, reaching 38 percent in Hong Kong, 33 percent in the U.S. and 14 percent in China.