Hong Kong shines for Swiss watch industry
Exports of Swiss watches to Hong Kong rose 35.7 per cent last month, their strongest advance for six years, according to the Federation of the Swiss Watch Industry.
After 44.3 per cent growth in January, China also exceeded the global average with a 21.7 per cent rise.
Japan (up 7.1 per cent) and Singapore (up 7 per cent) posted significant growth.
Following stronger January exports, February was even better, says the federation. The total value of watch exports reached SF1.7 billion francs (US$1.7 billion), up 12.9 per cent.
Watches made of precious metals and steel set the pace. While overall volumes were less sustained, there was still significant growth, says the federation, driven by timepieces in steel. The result was nevertheless held back by the “other materials” category.
Growth extended to all price segments, led by watches priced at between SF500 and SF3000 (export price) where the value of exports rose 19.3 per cent.
Timepieces priced at more than SF3000 francs, up 12.9 per cent, fell within the average range. Products costing less than SF200 achieved 7.8 per cent growth after falling sharply for more than one year, says the federation.