Swiss watch exports fell sharply in March, falling 21.9% to 1.4 billion francs. The fall is particularly marked in Hong Kong, while the United States and China experienced growth.
“Although very marked, this decline is however less than that observed in sales in some of the main markets,” said Tuesday the Federation of the Swiss Watch Industry (FH). The fall in volumes in March (-43.1%) is more representative, on average, of the real state of the watch market. “Deterioration is expected in April,” said the statement.
Last month, volumes collapsed by almost 700,000 units. All price segments showed a sharp drop, both in value and in number of pieces. Timepiece shipments fell particularly in Italy (-57.6%), but also in Hong Kong (-41.3%) and the United Kingdom (-33.9%).
China rebound
Against all expectations, some important outlets posted a significant increase, underlined the FH. “The United States (+ 20.9%) is the most striking example”, probably in anticipation of future shipping difficulties.
China (+ 10.5%) also posted solid growth, after a collapse of 51.5% in February due to the coronavirus. This rebound is attributed to an anticipation of the end of the crisis and the recovery of consumption.
According to the Federal Customs Administration (AFD) on Tuesday, watch exports fell by more than 20% in March to 1.36 billion francs. The fall in nominal terms reached -22% and in real terms -27%.
–
