Positive trend for Swiss watch in Hong Kong
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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.
Questions & Answers
Q.Which specific materials drove the increase in Swiss watch export values last month?
Which specific materials drove the increase in Swiss watch export values last month?
Watches made of precious metals and steel set the pace for the overall export growth. Steel timepieces in particular contributed to significant growth, even as overall volumes were less sustained.
Q.How did different price segments contribute to the overall export growth?
How did different price segments contribute to the overall export growth?
Growth extended to all price segments. Watches priced between SF500 and SF3000 led with a 19.3 per cent rise, while timepieces over SF3000 grew by 12.9 per cent. Products under SF200 achieved 7.8 per cent growth.
Q.Which category of materials hindered the overall positive export results?
Which category of materials hindered the overall positive export results?
The overall positive result for Swiss watch exports was held back by the performance of the “other materials” category. Despite growth in other areas, this category limited the full potential.
Q.How did February's export performance compare to January's?
How did February's export performance compare to January's?
February's export performance was even better than January's, following stronger export figures from the previous month. This indicates a sustained positive trend for the Swiss watch industry.
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