World Economy

Swiss Watch Export Slump Continues

Swiss Watch Export Slump ContinuesSwiss Watch Export Slump Continues

Swiss watch exports fell for a 14th consecutive month in August as demand weakened from Japan to the US, Bloomberg reported. Shipments dropped 8.8% to 1.4 billion Swiss francs ($1.4 billion), the Federation of the Swiss Watch Industry said in a statement Tuesday. The slump has spread from Asia to markets in Europe and the US, leading Swatch Group AG to report a 54% drop in first-half profit and peer Cie. Financiere Richemont SA to warn that first-half earnings will decline about 45%. Exports to Hong Kong fell 29%, while shipments to Germany slid 15%, the federation said. The US and Japan showed declines of 12% and 27%, respectively.