In September, Swiss watch exports fell in value for the first time in 16 months, down 7.4%. In December, they fell again, down 2.8%. In the fourth quarter, exports in units “fell by around 10%” each month, the FH said.
Although it’s dangerous to read too much into one month’s data, the results for December 2018, also released on Tuesday, are striking. Of the top 30 markets, 15 were down. “Overall, Europe (-5.8%) was significantly down, driven by the decline in France (-11.6%), Italy (-14.6%), Spain (-10.1%) and Austria (-29.0%), in particular,” the FH said.
Far East markets, which were up 17.2% in value in the January-November period, fell 3.2% in December. Hong Kong, up 21% through 2018’s first 11 months, rose 0.5% in December. And, ominously, exports to China fell 10.1%.
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