High-End Watches Drive Export Growth

RAPAPORT... Swiss-watch exports grew 12% in June amid an upturn indemand for higher-priced products. Global shipments of Swiss timepieces came to $1.95 billion(CHF 1.94 billion) for the month, the Federation of the Swiss Watch Industryreported last week. Exports of watches with a wholesale price above $3,024 (CHF3,000) saw the strongest growth, climbing 17%. Shipments of timepiecesvalued between $504 (CHF 500) and $3,024 increased 9%. "Exports rose strongly in June, improving on the averagefigure reported in previous months," the federation noted. As a result,first-half shipments exceeded the $10.08 billion (CHF 10 billion) mark, whichhas not happened since 2015, it added. Demand for lower-priced goods weakened, with exports of watchespriced under $504 seeing a substantial downturn, the federation said. Shipmentsof pieces under $202 (CHF 200) slid 10%, while those priced between $202 and$504 dropped 6%. Watches containing gold and steel remained popular, withexports up 18% to $302.6 million (CHF 300.2 million), while supply ofprecious-metal timepieces climbed 12% to $625.4 million (CHF 620.4 million).Those increases slightly outweighed a decline in shipments of watches frommetals other than precious ones or steel, which dropped 3% to $91.4 million(CHF 90.7 million). Exports of timepieces made from materials other than metal rose24% to $54.3 million (CHF 53.9 million). Total exports to Hong Kong jumped 39% to $272.5 million (CHF270.3 million), while supply to China rose 4% to $124.9 million (CHF 123.9million), a slowdown compared with the 6% increase the market saw in May. Shipmentsto the US grew 6% to $190.9 million (CHF 189.4 million). Exports to France sawthe strongest growth out of the major markets, jumping 41% to $131 million (CHF130 million). Image: Torange.biz