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Swiss watch exports dropped significantly

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Swiss watch exports dropped significantly
July 18
09:00 2019

There has been the largest decline in watch exports in Switzerland. It was the fall of 2016 when the market experienced such a phenomenon. The amount of exports in June has decreased by almost 11%, totaling 1.7 billion US dollars. The department of the watch industry of the country has provided such data.

Sales of watches have decreased by 10% to 1.6 billion francs.

Hong Kong and Russia have become the most unprofitable markets for delivery. The sales here have dropped by 27% and 24.5% respectively. At the same time, there is an increase in deliveries to the USA (7%), Japan (3%), China (2%) and Britain (13%).

Compared to May, the country’s exports have decreased by 0.1% over the first summer month. Imports have increased by 1.4%. Exports to the country have grown by 8.5%, imports – by 0.8%.

It is easy to understand that the surplus in the trade balance has increased by 0.7 billion francs compared to May, when it was equal to 3.4 billion.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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