After 2 years of decline, Swiss watch industry rebounds in 2017

GENEVA, Jan. 31 (Xinhua) -- The Swiss watch industry has reversed two years of decline, growing by 2.7 percent in 2017, according to the Federation of the Swiss Watch Industry (FH), Swiss media reported Wednesday.

Exports grew by to 19.9 billion Swiss francs (21.3 billion U.S. dollars), gaining almost 3.0 percent on 2016's results, Le Temps newspaper reported.

"Growth returned sooner than expected," the FH said on Tuesday.

The biggest driver was the Asian market, which experienced the biggest growth at 4.8 percent and generated half of all export sales.

"A growing number of markets returned to growth, but several of them are still lagging behind," said a statement by the FH.

In the United States, by contrast, sales fell for a third successive year, down by 4.4 percent.

There was a general trend towards more expensive watches, hence the value of exports grew despite a decrease in the number of watches exported (down 4.3 percent, at 24.3 million pieces).

That was the lowest figure since the 2009 watch crisis said FH.

Demand for mechanical timepieces grew but sales of quartz watches declined with their exports falling to a 33-year slump.

Swatch, the world's largest watchmaker, said it felt the upswing with the Switzerland-based company saying it expects "very positive" growth this year after revealing a 28-percent rise in profit on Tuesday, the Swiss news agency SDA reported. (1 Swiss franc=1.07 U.S. dollars) Enditem