International sales of Swiss timepieces fell by 2.2%. The fall is more contained than in September (-12.4%), and is even lower than the -2.6% average recorded since the beginning of the year.
The black streak continues for Swiss watch exports, plagued by the Chinese and Hong Kong markets.
According to the Fédération Horlogère Suisse, exports fell by a further 2.2% to almost 2.3 billion Swiss francs (2.4 billion euros) in October. However, the decline was more moderate than in September, when international sales plummeted by 12.4%.
In any case, the lightening of July-August is already a distant memory for the industry, which had already experienced five consecutive months of decline.
Since the beginning of 2024, international sales of Swiss watches have fallen by 2.6% to 21.5 billion Swiss francs (23 billion euros).
China and Hong Kong still in steep decline
In October, “China (-38.8%) once again saw its situation deteriorate and, along with Hong Kong (-14.8%), represented a major drag on the global market”, said the Federation in its monthly press release. With sales of 167.4 million Swiss francs (179 million euros) and 161.9 million Swiss francs (173.2 million euros) respectively, the Middle Kingdom and the former British colony are the third and fifth most important export destinations for Swiss watchmakers.
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Read also > Swiss watch exports fell sharply in September 2024
Featured Photos: © Rolex
