Swiss Watch Exports up 0.5% in August

by swisscham in Business

Swiss August watch export growth cooled to 0.5% on the year as shipments to China remained sluggish and because of one less business day, according to data released Thursday by the Swiss customs office. Exports of Swiss watches stood at CHF 1.49 billion (USD 1.63 billion) in August, up from CHF 1.48 billion in the corresponding period a year ago. In real terms, which are adjusted for inflation, exports decreased 2.2%. The figures show a slowdown from the 2.2% nominal increase reported in July, when renewed strength in the Hong Kong, U.S. and some European markets compensated for weaker exports to the Chinese market, which has cooled because of slower economic development and a government-led crackdown on extravagant gift giving. Although August is traditionally one of the weakest months for Swiss watch exports, the statistics can give some insight into likely future sales in the next three to six months.

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