Swiss Watch September Exports Rise 8.5% on Nominal Basis Swiss September watch exports rose 8.5% on the year, according to data released Tuesday by the Swiss customs office, a marked acceleration for an industry that has been facing a slowdown in China this year. Exports of Swiss watches stood at 1.9 billion Swiss francs in September ($2.1 billion), up from CHF1.75 billion in the corresponding period a year ago. In real terms, which are adjusted for inflation, exports increased 7.2%. Steel, platinum and gold watches contributed significantly to the increase in exports in value terms. However the total number of timepieces fell by just over 100,000 units or 4.3 percent. Since the beginning of the year, Switzerland has exported one million fewer watches than in the period January-September 2012, the federation said. Many markets ended the month on a positive note. Among the latter, Hong Kong has shown signs of recovery in recent months, and likewise the United States. China continued to lose ground, albeit to a minor extent, and has seen its situation improve since the start of the year. The export figures, which showed a acceleration from the 0.5% nominal increase reported for August, give some insights for likely sales in the next three to six months. Watch makers are likely to have benefited from the runup to Christmas and the very important Golden Week national holiday, which takes place in China during October. They also support comments made earlier this week by Jean-Christophe Babin, the head of Bulgari SpA, which is owned by LVMH Moet Hennessy Louis Vuitton SA (MC.FR, LVMUY). He said macroeconomic conditions were improving and destocking at retailers was coming to an end. Richemont, Swatch Group AG (UHR.VX) and privately held Rolex SA are the main producers in the Swiss watch market. Swatch closed Monday at CHF586, up 27% so far this year. Richemont ended the day at CHF93.55, up 31% since the start of 2013.
Posted on: Tue, 22 Oct 2013 06:38:31 +0000
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