Swiss watch exports declined for an eighth consecutive month in February, damped by weaker demand from Hong Kong, but the decline was less marked than the pace seen at the start of the year, the Federation of the Swiss Watch Industry FH showed Tuesday.
Watch exports decreased 3.3 percent year-on-year to CHF 1.7 billion in February. The decline was largely driven by the developments in the Hong Kong market.
Shipments of wristwatches fell 2 percent, while exports of other products plummeted 20.9 percent.
Exports to Hong Kong plunged 25.3 percent, falling for a 13th straight month. Meanwhile, shipments to Japan surged 22.4 percent and those to the U.S. resumed growth after five months of decline.
The decline in exports to China outpaced the world average. Exports to European grew 4 percent with Germany registering significant improvement.
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