Switzerland’s watch exports declined in December from a year ago, largely due to a weaker demand from Hong Kong, figures from the Federation of the Swiss Watch Industry showed Tuesday.
Watch exports fell 3.8 percent year-over-year in value terms in December to CHF 1.7 billion. Exports of steel timepieces dropped the most by 3.0 percent during the month.
Among the main export markets, shipments to Hong Kong plunged 21.1 percent in December. Similarly, the United States also showed a negative growth rate of 5.5 percent comparable with that of November.
At the same time, exports to China gained further by 5.5 percent in December, benefiting in the process from a favorable base effect. The United Kingdom recorded another month of high growth, with 25.9 percent. Singapore and the United Arab Emirates also achieved good results.
In the whole year 2015, total watch exports decreased 3.3 percent to CHF 21.5 billion.
The material has been provided by InstaForex Company – www.instaforex.com