Swiss watch exports fall again in May

by swisscham in BUSINESS NEWS

Switzerland’s watch industry exports fell nearly 10% in May as watchmakers struggle with the effects of last year’s Islamist attacks in Europe and a prolonged slowdown in Asia. Watches are Switzerland’s third-biggest export sector after pharmaceuticals and machinery. Like other manufacturers, the sector has also been hit by the strength of the Swiss franc, which makes exports more expensive. Exports of timepieces fell 9.7% to CHF 1.55 billion, according to data released by the Swiss customs office on Tuesday. Overall this year Swiss watch exports, which are seen as a proxy for sales, have fallen by 9.5%.

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