Swiss watch exports stopped in their tracks in April
Swiss watch exports were extremely low in April as a direct result of the standstill in production, distribution and sales, causing them to collapse by 81.3%, to 328.8 million francs. The details of this widespread decline are not particularly interesting – except for China – insofar as it reflects an exceptional situation rather than a trend in demand. All groups of materials fell by 75% to 90%, by both value and number of items. Performance was similar across all price segments, from highest to lowest, in both value and volume terms. China was the only country to buck the trend in April. Exports there fell by 16.1% in April following an increase in March, illustrating the recovery in the Chinese market. As a result, China accounted for a third of Swiss watch exports last month. All other markets contracted sharply.