The decline in Swiss watch exports that started in July 2015 gathered pace in March, with exports to Hong Kong, the United States and China hit hard. Overall watch exports plunged 16.1% on the year in March with a value of just 1.5 billion francs ($1.53 billion), making them the lowest March figures since 2011. The biggest declines were seen for watches costing 200-500 francs, with a 27.1% drop in both value and volume terms. Meanwhile, timepieces costing less than 200 francs and those above 3,000 francs dropped by 20%, while watches with an export price of between 500 and 3,000 francs showed a more moderate decline, down by 7.1%.
In terms of markets, Hong Kong recorded one of its steepest downturns, plummeting 37.7%, while the United States dropped by 32.9% and China was down 13.7%. Germany was one of the few bright spots, seeing growth of 2.2%.