Return to growth of Swiss watch exports in July
Swiss watch exports returned rapidly to growth following the downturn in June. The value of exports was 1.9 billion francs, an increase of 4.3% compared with July 2018. The main contribution to the increase in total value came from watches made from precious metals, which saw turnover from export sales grow by 11.5%. Volumes continued to fall for the twelfth consecutive month as the downward trend worsened, with 390,000 fewer items shipped overseas. Watches priced at over 3,000 francs (export price) were the only segment to grow. Hong Kong (-1.3%) remained in the red but performed significantly better than it had in June. The majority of other markets saw an increase in July. The United States (+6.1%) maintained a steady pace. In Asia, there was strong growth in China (+16.3%), Japan (+23.4%) and Singapore (+17.9%). The situation in Europe (-0.8%), however, was less satisfactory. The United Kingdom (-0.4%), France (-12.0%) and Germany (-3.6%) all declined. While Italy’s monthly performance improved (+1.9%), the medium-term trend there still showed a marked decline.