The Swiss watchmaking federation reported a decline of more than 7% in exports in June, led by China and Asia in general (excluding Japan) and poor sales of steel watches.
Still weighed down by the Asian market, and China in particular, Swiss watch exports had a gloomy June, according to the Swiss Federation.
They fell by 7.2% to 2.3 billion Swiss francs compared with June 2023.
The Federation attributes this underperformance to “two fewer working days” and “a more marked decline in Asian markets, with the notable exception of Japan”.
For the first half of the year, the industry reported a 3.3% drop in exports to 12.9 billion Swiss francs.
Asia (excluding Japan): the weak link
With the exception of Japan (+13.2% to 174.8 million Swiss francs), Asia was Swiss watchmaking’s weakest link. Sales fell by 36.5% in China (to 162.8 million Swiss francs) and by 23.1% (to 165.9 million Swiss francs) in Hong Kong. This was the fifth consecutive month of decline, against a backdrop of sluggish economic growth and spending, youth unemployment and the real estate crisis.
To continue reading this article, subscribe or log in to your account
Discover our plans
- Every day, keep up to date with the latest business news from the world of luxury.
- Receive the essential luxury business news by email every week
- Access all our events
- The Luxury Journals and Luxus Magazine in print and digital versions
Subscribe for 1€
Become an active member of the community of luxury leaders.
Read also > SWISS WATCH EXPORTS DECLINE IN MAY
Featured photo : © Omega
