Asian demand drove a 7% increase in Swiss watch exports in July, according to data the nation’s timepiece association released Tuesday.
Total shipments rose to $1.84 billion (CHF 1.82 billion), the Federation of the Swiss Watch Industry reported. Orders from Hong Kong, the Swiss trade’s largest market, jumped 27% to $263.8 million (CHF 259.8 million), while supply to Japan grew 17% to $119.8 million (CHF 118 million). Those rises outweighed declines in exports to the US and China.
“Watch-industry exports continued to report significant growth in July, after an excellent first half,” the federation said.
The strongest increases were in the highest- and lowest-end categories. Total shipments of wristwatches with an export price of more than $3,047 (CHF 3,000) rose 8% by value in July, while orders of pieces wholesaling at less than $203 (CHF 200) gained 11%.
Global Swiss watch exports rose 10% to $12.53 billion (CHF 12.34 billion) in the first seven months of 2018, the federation added.