Swiss watch sales fall in biggest export markets

The Swiss watchmaking industry has seen a decline in exports in the first six months. Leschot

The watchmaking industry saw its sales dip in its six main export markets in the first half of the year, after a record 2001.

The six markets account for 60 per cent of the total value of exports of watches, clocks and movements.

The figures, from the Federation of the Swiss Watch Industry, show that Hong Kong is the number one export market for Swiss watches and movements with a value of SFr714.6 million (-3.2 per cent).

It is closely followed by the United States which imported products worth SFr709.2 million (-7.9 per cent) and Japan, which bought SFr497.6 million of goods (-2.5 per cent).

Despite the dip, the Federation reported that sales to three key markets – Hong Kong, Japan and France – were still higher compared with the first half of 2000.

The Federation, based in Biel, confirmed that the total value of exports between January and June this year was SFr4.872 billion ($3.3 billion), a decline of four per cent – or SFr200 million – over the same period last year.

Boost from the Emirates

The industry managed to increase the value of exports to six countries, mostly notably the United Arab Emirates with a rise of 19.5 per cent to SFr118.5 million.

The Federation said the number of actual watches exported rose in comparison with the first half of 2001, a trend that offset to some extent the fall in volumes reported for more than eight years.

Some 12.7 million watches were exported in the first half, a rise of 70,000 or 0.5 per cent over last year’s figures. However, the value of those watches fell by three per cent to SFr4.415 billion.

The Federation noted that the average price of exported timepieces had fallen from SFr357 to SFr345 but commented that the decline was proportionately well below the steep increase in the average price in the past two years.

The Swiss watch industry last year exported a record SFr10.654 billion worth of products, an increase of 3.5 per cent over the results of 2000.

swissinfo with agencies