Swiss Watch Exports See First Drop in 18 Months

RAPAPORT... A shorter working month cut into shipments of Swiss watches,which fell in September for the first time in a year and a half, according tothe nation's timepiece trade group. Exports slid 7% to CHF 1.65 billion ($1.66 billion), theFederation of the Swiss Watch Industry reported. Orders from Hong Kong, theSwiss trade's largest market, dipped 3.5% to CHF 205.9 million ($206.7million), while supply to the US slipped 3% to CHF 187.2 million ($187.9million). Those declines outweighed a rise in shipments to China, which surged17% to CHF 128.6 million ($129.1 million). Outbound shipments of watches made of gold and steel strengthenedin September, jumping 13% to CHF 274.9 million ($275.9 million). Supply oftimepieces from precious metals experienced the sharpest drop, the organizationnoted, plunging 14% to CHF 498.1 million ($500 million), while shipments ofsteel watches decreased 9% to CHF 652.4 million ($654.9 million). All price categories suffered, with exports of watchespriced under CHF 200 ($201) falling 9% by value, as did those between CHF 200and CHF 500 ($502). Timepieces in the CHF 500 to CHF 3,000 ($3,011) group slid6%, while those worth over CHF 3,000 dropped 8% during the month. September 2018 contained 19 business days, compared with 20 a year ago. Image: Swiss watches in a shop window. (Torange.biz)