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Swiss watch exports fall in February

Swiss watch exports fall in February

The consequences of the coronavirus epidemic began to be felt in terms of Swiss watch exports in February.

 

Their value contracted by 9.2% to 1.6 billion francs. However, this development does not yet fully reflect the actual situation on certain markets.

 

Steel watches accounted for almost two-thirds of the decline in value and 90% of the decline in volumes. In total, the branch exported 1.3 million timepieces, 380,000 less than in February 2019 (-22.2%).

 

All price segments fell. This was extremely strong for the 200-500 franc range (export price), which fell by more than half. Below 200 francs and between 500 and 3,000 francs, export turnover fell by 18%. Damage was limited to watches over 3,000 francs, which almost maintained their level of last year.

 

Several outlets still resisted, but most Asian markets posted a decline, often very strong. The United States (+ 17.8%) continued its momentum in January and benefited from a favorable base effect. In Asia, Hong Kong (-42.0%) recorded its largest monthly decline in the past twenty years, and China plunged 51.5%.

 

Japan (-2.1%) fell only slightly, while the United Arab Emirates (-26.3%) or South Korea (-11.2%) fell more sharply.

 

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In Europe, the development was unfavorable in the United Kingdom (-18.9%), but it continued to improve in Germany (+ 7.3%), in France.

 

 

 

Read also> The three most prominent fashion shows of Paris fashion week 2020

 

Featured photo: © 2020 Raymond Weil

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