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Zurich - Swiss watch exports declined for a 13th consecutive month in July as Hong Kong, traditionally the biggest market for luxury timepieces, slipped to second place for the first time in almost a decade.
Shipments fell 14% to 1.6 billion francs, the Federation of the Swiss Watch Industry said in a statement on Tuesday. Exports to Hong Kong fell 33% to 175 million francs, while shipments to the US dropped 15% to 179 million francs.
Slumping demand has spread from Asia to the industry’s main European markets. Swatch Group’s first-half profit dropped 54%, the Omega maker said last month.
Adjusted for working days, the drop in monthly exports was 5.9%, according to the national customs office.
