The Swiss watch export industry recorded its third consecutive month of growth with value of exports rising by 3.6% in July as compared to a year earlier, the Federation of the Swiss Watch Industry FH said in a statement released yesterday. Growth was driven by the stronger performance of goods at the upper end of the price spectrum and by watches manufactured in precious metals and steel, the statement revealed.

Expressing confidence in the continued recovery on the export front, the federation said that the industry is steadily approaching stability as per their forecast.

In a reversal of the trend seen over the last several months, watches priced at less than 200 francs (export price) posted a substantial fall both in the number of pieces (-14.7%) and in value (-18.2%). Timepieces priced above 500 francs performed well, and the above 3,000 francs category showed significant growth in both volumes and value.

Watches in precious metals (+8.9% in value terms) and steel (+5.2%) made a strong contribution to the overall growth in value while other materials, such as bimetal products, declined. Volumes remained stable overall. The increase for timepieces made of steel offset the decline in the Other metals and Other materials categories. Steel timepieces account for over 50% of total sales in terms of units and over 40% by value.

In terms of markets, Hong Kong continued to show further recovery with exports rising by 16.8%, although on a favourable base, while China also continued with strong y-o-y growth of 22.3%. In Europe, the UK reported a decline of 8.5%, its first fall for the current year, Italy declined by 14.3% and France by 1.7%. Exports to Germany rose by 13.4%, the federation reported.