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Swiss watch exports drop almost 10 pct in 2016: report

Xinhua, January 26, 2017 Adjust font size:

Witnessing the second downturn in seven years, Swiss watch exports declined to 19.4 billion Swiss Francs (CHF) (19.4 billion U.S. dollars) last year, down 9.9 percent from 2015, the Federation of the Swiss Watch Industry reported Thursday.

"With this result, the branch has returned to its 2011 level and seen an end to the growth of 15 percent achieved between 2011 and 2014," the Federation said in a statement, adding that "all the regions were affected by this downturn."

According to figures, the demand for personal luxury goods, especially for watches priced at over 3,000 CHF, declined last year, a trend compounded by factors including a strong Swiss Franc and a drop in tourism into Europe.

The value of Swiss watch exports to China's Hong Kong fell by over a quarter in 2016, with exports to the United States and the Chinese mainland also showing a significant drop, down 9.1 percent and 3.3 percent respectively.

Of Switzerland's 15 main watch export markets, only the United Kingdom and South Korea registered a rise with plus 3.7 percent for both.

While the outlook remains complex amid lingering uncertainties, the Federation said that "watch industry export figures should stabilize in 2017." Enditem