Swiss Watch Exports See Strong Decline in July

Finance and Trade
20/08/2015 11:56

The Swiss watch industry reported a 9.3% drop on the year in exports last month to $1.95 billion, according to the Federation of the Swiss Watch Industry. The export figures were particularly hit by Asian markets, with sales in Asia plunging by 21.4%. The decline in sales to China was 39.6%, in the United Arab Emirates sales dropped 29.8%, and in South Korea they were 19.7% lower. Meanwhile sales to the U.S. were stable, and exports to Europe "continued to gather momentum, led by astonishing progress in France. Germany confirmed its gradual recovery but Italy suffered a temporary setback."