Swiss watch exports rise by 1.5% despite Hong Kong crisis
According to the Federation of the Swiss Watch Industry, exports jumped 1.5% in October despite weak performance in Hong Kong, one of its key markets.
Swiss watch exports are holding on. The Swiss watch exports grew 1.5% in October thanks to its strong performance in Mainland China, which eclipsed the 29.7% drop in its Hong Kong market, according to data from the Federation of the Swiss Watch Industry.
Exports reached 2 billion Swiss francs, or 2.05 billion dollars. Two of the growth drivers were Mainland China, up 17.6% and Japan, up 11.3% compared to the previous month. America and Europe also performed strongly, growing 9.5% and 8.3%, respectively.
The president of the Federation of the Swiss Watch Industry stated in a press release, “Asia is the first market for our industry, more than 50% of our exports are destined there; the events in Hong Kong duly affect our business.”
Validation policy for comments:
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.