Swiss watch exports grew at a slower pace in August due to a drop in demand for lower-value timepieces.
Total shipments rose 6% to CHF 1.5 billion ($1.55 billion), the Federation of the Swiss Watch Industry reported. Exports of watches priced over CHF 3,000 ($3,103) increased 7% by value, and those worth between CHF 500 ($517) and CHF 3,000 grew 8%. Timepieces valued at CHF 200 ($207) to CHF 500 fell 7%, while those priced under CHF 200 dropped 14% during the month.
Orders from Hong Kong, the Swiss trade’s largest market, jumped 15% to CHF 189.1 million ($195.7 million), while supply to the US climbed 9% to CHF 153.6 million ($158.9 million). Exports to China also rose, surging 19% to CHF 128.4 million ($132.9 million).
Shipments of precious-metal and bimetal watches were the most popular in August, with higher-than-average growth, the federation said. Exports of timepieces comprising precious metals increased 8% to CHF 461.9 million ($477.9 million), while those made of gold and steel went up 8% to CHF 261.1 million ($270.1 million).
Global Swiss watch exports rose 10% to CHF 13.8 billion ($14.28 billion) in the first eight months of 2018, the federation added.
Image: Swiss Watches (Creative Lab/Shutterstock)