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Thursday, 21 February 2019

Swiss watches: a positive 2018

Swiss watches:  a positive 2018

The export of Swiss watches ended positively in 2018, with exports of € 18.73 billion, or 6.3% more than the previous year (source ilSole24Ore). In December, however, exports were 1.43 billion euros, 2.8% less than the same period of the previous year. In the ten major markets, the entire 2018 recorded the good performance of Asia, the United States and a part of Western Europe, with the United Kingdom and Italy contracting.

Hong Kong fixed at + 19.1%, US + 8.2%, China + 11.7%, Japan + 9.1%, United Kingdom -4.4%, Germany + 4.3%, Singapore +0, 7%, France + 9.1%, Italy -14.3% and United Arab Emirates + 1.7%. Eleventh place for South Korea, with a jump of 25.7%. The United Kingdom has weakened, apparently, the effect of the weak pound, which had previously supported foreign purchases, while in Italy some economic uncertainties are felt.

In December 2018, the smallest contraction was that of watch exports with prices above 3,000 francs, while the most significant decrease was that of watches with prices below 500 francs. The Swiss watchmaker represents over 50% of the worldwide turnover of the sector and exports about 90% of its production.

The Swiss Watch Industry Federation, which provided data on exports, underlined the positive annual result in 2018 but stressed the importance of paying attention this year, given the uncertainties that call for prudent optimism with exports of watches that should continue to progress, albeit more modestly.

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