Swiss watch exports weakened by protests

Vienna - The pro-democracy protests in Hong Kong and slowing demand in mainland China dampened the growth of Swiss watch exports last year, the Federation of the Swiss Watch Industry said Tuesday in Biel.

Switzerland's watchmakers exported products worth $23.9bn last year.

The growth rate remained at 1.9%, the same as in 2013.

Shipments to Hong Kong remained flat at 4.1 billion francs.

Hong Kong is Switzerland's biggest watch destination, because it is a major hub for re-exports.

While the Swiss watch industry pointed to the protest movement as a reason for the sluggish market, Hong Kong's Retail Management Association said sales of luxury goods dropped sharply in the harbour city last year mainly because Beijing continued to crack down on corruption and the number of non-Chinese tourists dropped.

China's fight against corruption has also hurt Swiss watchmakers on the mainland in recent years. Last year, exports fell 3% to 1.4 billion francs.

In contrast, sales to South Korea, Japan and Saudi Arabia grew at double-digit rates.