Swiss watch exports in September fell 12.4 percent in value, with China and Hong Kong’s high double-digit slumps accounting for two-thirds of decline.
Exports in September contracted sharply, slumping 12.4 percent in value and 20.8 percent in volume, according to figures released by
These poor results accounted for two-thirds of the month’s decline, according to the FHS. The decline of these two markets, plus the 10.7 percent and 13.9 percent drops recorded for exports headed respectively to the U.K. and Singapore, made up 80 percent of the global decline. This reflected the combination of a stronger yen and reduced regional price gaps, according to Citi anaylist Thomas Chauvet.
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