Swiss watch industry exports fell faster than at any other time in the first half, reflecting the difficulties with which the branch has had to contend for many months. They were worth 1.6 billion francs in June, 16.1% less than in June 2015.
Precious metal watches were the worst performers with a decline of almost one-third (-31.4%). Steel or bimetal timepieces were distinctly less affected, although still in negative territory. The Other materials category had a major impact on the general decline in volumes
Watches priced between 500 and 3,000 francs (export price) are the only ones to have avoided a double digit decline. They followed the same trend as in the past twelve months. The 200-500 francs category posted the steepest falls. Timepieces priced above 3,000 francs also lost nearly 20% in value (-19.5%) as compared to June 2015. In June, all the principal markets were in decline.
Hong Kong reported a steep downturn for the 17th consecutive month, while other Asian markets including Japan and China were less seriously affected. Performance in the United States was better than average, but still in distinctly negative territory. Europe also saw steep falls, especially in Italy, Germany, France and the United Kingdom.