Swiss watch makers report gains despite Asian cool-down

Swiss watch makers report gains despite Asian cool-down


Basel (DPA) -- The value of Swiss watch exports rose 10.9 per cent last year, even though growth in Chinese markets slowed dramatically, the Federation of the Swiss Watch Industry said Tuesday in Biel.
Foreign shipments climbed to 21.4 billion Swiss francs (23.5 billion dollars), as strong business with high-end watches outweighed a decline in the overall number of sold timepieces. Last year, 29.1 million Swiss watches were exported, 2.2 per cent less than in 2011.
Hong Kong, the United States and China remained the most important markets.
However growth in the major reselling hub of Hong Kong shrank from 28 per cent to 7 per cent year-on-year.
Sales hardly expanded in China, amid cooling consumer demand. In 2011, export values had jumped 49 per cent.
Business improved the most in Germany, the United Arab Emirates and Britain.
"The very strong growth of 2011, being unsustainable in the long term, gave rise to a uniform and welcome slowdown in the summer of 2012," the industry group said.
Watchmakers are now expanding production in Switzerland to meet demand especially in emerging markets, it added. dpa al hl Author: Albert Otti

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