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.”