June 24, 24
(IDEX Online) – Exports of Swiss watches slipped again in May, largely due to steep declines in China and Hong Kong, the two biggest markets outside the US.
Foreign sales totaled $2.56bn, down 2.2 per cent year-on-year according to new figures from the Federation of the Swiss Watch Industry Exports (FHS).
The trend for 2024 has been downwards so far, except for a 4.5 per cent rise in April’s exports.
“Five months into the year, the sector has already achieved a result exceeding 10 billion francs ($11.1bn), although this figure is 2.5 per cent lower than the record level reached last year,” the FHS said.
Sales in the US were down marginally, by 0.5 per cent in May to $402m, but China fell 18 per cent to $218m and Hong almost 23 per cent to $197m.
Overall, watch sales to the US so far this year (to May) are up 4 per cent on last year. China and Hong Kong are both down by over 18 per cent.