Boosted by strong increases in exports to the USA (17.6%), China (15.1%) and Hong Kong (9.5%), the Swiss watch export industry registered a year-on-year increase of 3.9% during November 2018, crossing the 2 billion franc mark for the first time since October 2015, the Federation of the Swiss Watch Industry FH said in a statement released last week.

It added that the rate of growth, though positive, slowed due to a negative base effect.

Several major markets expanded strongly. The US, second most important market, reinforced the upswing that has continued since the beginning of the year. Asia (+8.2%) continued to grow, though somewhat slower than previously. Besides, the largest global market, Hong Kong and No 3 China, Singapore (+9.5%), UAE (+12.5) and South Korea (+15.8%) were among those making a significant contribution to global growth. Europe (-5.9%) moved in the opposite direction, as it has for most of this year. While there was growth in Germany (+2.0%) and France (+13.2%, due to re-exports), the other important markets fell significantly.     

In terms of materials, precious metal watches were up 20.6% in value, though their share in value terms is low, with growth being mainly boosted by bi-metal (gold-steel) watches with a nearly 2/3rd share, which were up 13.8%. Overall, volumes dropped by 9.1%, though exports were up 3.5% in value terms.

The Federation also said that the price segments at two ends of the spectrum contrasted sharply in November, with the below 500 francs segment recording a significant downturn, and only the above 3000 francs (export price range) rising by 8.4%.