Hong Kong Powers Swiss Watch Exports

RAPAPORT... Asian demand drove a 7% increase in Swiss watch exports in July,according to data the nation's timepiece association released Tuesday. Total shipments rose to $1.84 billion (CHF 1.82 billion),the Federation of the Swiss Watch Industry reported. Orders from Hong Kong, theSwiss trade's largest market, jumped 27% to $263.8 million (CHF 259.8 million),while supply to Japan grew 17% to $119.8 million (CHF 118 million). Those risesoutweighed declines in exports to the US and China. "Watch-industry exports continued to report significantgrowth in July, after an excellent first half," the federation said. The strongest increases were in the highest- and lowest-endcategories. Total shipments of wristwatches with an export price of more than$3,047 (CHF 3,000) rose 8% by value in July, while orders of pieces wholesalingat less than $203 (CHF 200) gained 11%. Global Swiss watch exports rose 10% to $12.53 billion (CHF12.34 billion) in the first seven months of 2018, the federation added.