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Swiss watch exports recovered last month, with the exception of China.
Watch exports from Switzerland rebounded in May, rising 13.6% year-on-year to 2 billion Swiss francs (or 1.9 billion euros). With the notable exception of China and Hong Kong, figures rose in all major markets, the Federation of the Swiss Watch Industry (FH) said Tuesday. But the growth was mainly driven by price increases, as the number of pieces exported remained almost the same over a year (-0.7%).
Exports rose by 34.8% to the United States and by 31.6% on average in Europe, with a detailed increase of 36.7% to the United Kingdom, 89.5% to France and 16.3% to Italy, where demand is also driven by tourism.
While watchmakers are struggling to cope with the strong demand for luxury products, Western markets have been able to take advantage of “deliveries that are temporarily no longer made in China“, the watchmaking federation said. In fact, watches have been sent to markets where demand is more sustained.
As a result, Swatch and Richemont shares were in demand on Tuesday morning, after the publication of foreign trade figures for May. Indeed, the latter have rebounded strongly over a year, according to data compiled by the Federation of the Watch Industry (FH). At around 10:30 am, Richemont and Swatch shares were up 1.9% at 97.48 Swiss francs and 2.1% at 227.90 Swiss francs respectively.
In Asia
In China, exports of Swiss watches floundered for the second month in a row. After a 57.8% drop in April in response to the confinements, Swiss watch exports to China fell 65.2% in May, according to data from the Swiss watch federation. There was also a decline to Hong Kong, a major market for Swiss watchmakers, down 3.4% from May last year.
In the Asia region, Swiss watch exports contracted by 3.5%, with the sharp decline in China partly offset by strong demand in Japan (+29.9%), Singapore (+27.2%) and South Korea (+26.5%), the watchmaking federation said.
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Swiss watch exports recovered last month, with the exception of China.
Watch exports from Switzerland rebounded in May, rising 13.6% year-on-year to 2 billion Swiss francs (or 1.9 billion euros). With the notable exception of China and Hong Kong, figures rose in all major markets, the Federation of the Swiss Watch Industry (FH) said Tuesday. But the growth was mainly driven by price increases, as the number of pieces exported remained almost the same over a year (-0.7%).
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Swiss watch exports recovered last month, with the exception of China.
Watch exports from Switzerland rebounded in May, rising 13.6% year-on-year to 2 billion Swiss francs (or 1.9 billion euros). With the notable exception of China and Hong Kong, figures rose in all major markets, the Federation of the Swiss Watch Industry (FH) said Tuesday. But the growth was mainly driven by price increases, as the number of pieces exported remained almost the same over a year (-0.7%).
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