A significant decline in demand from Hong Kong, one of the largest markets, saw Swiss watch exports dip sharply in November 2019, the Federation of the Swiss Watch Industry FH said in its monthly update. Total exports for the month at almost CHF 2 billion, were 3.5% below the level of November 2018.

The fall in exports to Hong Kong (-26.7% in November, following a -29.7% decline in October) had a major impact, as most other important markets remained stable, the Federation added. Despite its bleak performance, Hong Kong remained the second largest market globally, with a 10.6% share of the total, only behind the US which had a 12.2% market share.

Other markets with negative growth included United Kingdom (-17.3%), France (-17.4%) and the United Arab Emirates (-27.8%), while Singapore (+29.6%), South Korea (+16.7%) and the Netherlands (+67.4%) were among the top performers. Changes in United States (+4.6%), China (-5.5%), Japan (+7.8%), Germany (-1.9%) and Italy (+4.1%) were more moderate.

In terms of materials, exports across all categories dropped, with the largest decline being for watches made from precious metals, steel and other materials. In volume terms, the total was down 16.4%, while the drop in value terms was a more muted 2.5%, driven by Gold-Steel and Other Materials.

The Federation also said that performance remained fairly polarised in terms of price segments. Watches priced below 300 francs saw a double-digit decline in both value and the number of items (-11.5% and -17.6% respectively). Products priced over 3,000 francs remained stable in volume terms, with a slight increase in value (+2.0%).