Swiss watch exports fall in November
LONDON, December 18, 2008 – Swiss watch exports fell by 15.3 percent in value terms to 1.52 billion Swiss francs ($1.35 billion) in November, reflecting the tough world economic climate for luxury goods sales, according to the Federation of the Swiss Watch Industry.
It was the first monthly decline in three years.
“This decline clearly illustrates the curb on growth suffered by the industry as a result of the world economic climate,” the Federation said in a statement.
Most markets showed double-digit declines, it said, with falls of 25 percent in the United States, 17 percent in Hong Kong, and 14 percent in Japan — three of the top markets for Swiss watches. France and Germany continued to see increases.
The Federation said 17.4 percent fewer watches were exported in November, which is usually the industry’s best trading month — a fall of half a million watches to 2.4 million.