Swiss Watches Exports to China Plummet in April

by swisschambei in Business

On May 31, the Swiss watch-makers association announced that the country’s watches exports to China plummeted in April, owing to the Chinese government’s zero-Covid policy, which has slowed down growth in the hitherto booming sector.In April, exports to China, one of the largest markets for Swiss watch manufacturers, fell by 57.8%, according to the association’s figures. Swiss watches exports continued instead to grow at a healthy rate in the USA, where they increased by 37% in April, having posted a 31.8% rise the previous month. They were up by 18.2% in Japan and by 29.7% in Singapore, and continued to grow in Europe, where they recorded a 16% rise. A positive trend that is well-established in the major markets that were hit hard by the absence of tourists during the pandemic, as exports increased by 21.2% in the UK, 48.6% in France and 25.5% in Italy. Despite the “Chinese market’s slowdown,” the association said in a press release, “global growth remains sustained.” In April, the value of Swiss watch exports worldwide was CHF1.9 billion (€1.8 billion), equivalent to a 7.3% increase over April last year. A result that was however weaker than the 24% growth recorded in February, and the 11.8% one recorded in March.

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