Swiss Watch Exports Decline
World Economy

Swiss Watch Exports Decline

Swiss watch exports had their biggest quarterly decline since 2009 as the industry struggles with the strong franc and as a slump in demand in China and Hong Kong began to spread across Asia, Bloomberg reported.
The value of shipments fell 7.2% in the third quarter, adjusted for working days, the Swiss customs office said Tuesday in a statement. Exports dropped 2% in the first nine months of the year to 15.8 billion francs ($16.5 billion), according to the Federation of the Swiss Watch Industry.
The data “casts something of a shadow over prospects for the year,” the trade group said.
Waning demand in Hong Kong and China has spread to other Asian markets such as Singapore, South Korea and Taiwan, weighing down an industry that accounts for a 10th of Switzerland’s exports. The nation’s watch executives are the most pessimistic in four years as an increasing minority sees a threat from smartwatches, a Deloitte LLP report showed last month.
Hong Kong and China last year accounted for a quarter of Swiss watch exports. Exports to the US, the second largest market, fell 18% in September, their steepest monthly drop in five years.
Swatch Group AG, the maker of Omega and Tissot timepieces, declined 2.1% to 367.40 francs as of 9:21 a.m. in Zurich. Cie. Financiere Richemont SA, the owner of the Cartier brand, fell 1.6% to 79.60 francs.


Short URL : https://goo.gl/7Ojs1l
  1. https://goo.gl/caf698
  • https://goo.gl/0kxbJW
  • https://goo.gl/LvvE7P
  • https://goo.gl/rzW4Ry
  • https://goo.gl/E2ri9b

You can also read ...

 An overwhelming 86% of Germans believe their economy is doing well, up from 75% last year.
Conditions for investors around the world are getting worse....
South Korea’s jobless rate has risen steadily in recent years.
South Korea’s unemployment rate has risen steadily in the past...
Greece Remains Under Supervision
Greece will remain under supervision after it exits its...
Britons have been borrowing heavily through personal loans and credit cards over the last 18 months.
Consumer borrowing grew at almost 10% in August, official...
Tax Reform  Can Boost  US Economy
The American electorate is more than ready for Washington...
China Rust Belt Opens Doors
Trucks carrying hi-tech car components rumble in and out the...
Pak GDP Growth Predicted at 10% Over 10 Years
Researchers from Harvard University’s center for international...
Jordan Economy Continues to Grow
While the public sector continues to play a prominent role in...