The fall in value was explained almost entirely by watches made of precious metals. At the other extreme, steel timepieces reported growth as did the other materials category. Volumes fell across the board.
The value of watch exports was clearly influenced by pieces costing more than 3,000 francs (export price) which suffered a particularly steep decline. On the other hand, products priced between 200 and 3,000 francs posted significant growth. Timepieces costing less than 200 francs remained stable in value terms, although volumes were distinctly lower.
The main markets for watch industry exports showed substantial variations in August; while some trended lower others made gains. Hong Kong continued on the steep downward track observed for the past 18 months. The United States confirmed its poor July result after a period which had been more favourable. On the growth side, China performed strongly, benefiting in particular from a favourable base effect. The United Kingdom continued to profit from the positive effects of the vote on Brexit with strong growth. Germany reported a steep downturn for the fifth month in a row. Japan experienced a sudden and substantial worsening of its situation in the space of two months.