Shipments of Swiss watches bounced back in October after a drop the previous month, benefiting from stronger exports of high-end timepieces.
Total exports rose 7% year on year to CHF 1.99 billion ($2 billion) for the month, the Federation of the Swiss Watch Industry reported Tuesday. Orders for watches priced above CHF 3,000 ($3,024) climbed 12% by value, while exports of those worth less than CHF 200 ($202) dropped 7%. Shipments remained flat for mid-priced watches, including those priced at CHF 200 to CHF 500 ($504) and CHF 500 to CHF 3,000.
“After the isolated fall in September, watch-industry exports have reverted to the sustained trend reported previously,” the federation said.
Total orders from Hong Kong, the Swiss trade’s largest export market, grew 10% to CHF 270.5 million ($272.7 million), while supply to the US rose 11% to CHF 206 million ($207.7 million). China recorded one of its largest monthly increases this year, the federation said, as shipments jumped 24% to CHF 184.9 million ($186.4 million).
Exports of watches made of gold and steel strengthened in October, rising 11% to CHF 314.2 ($316.7 million). Supply of timepieces made from precious metals went up 8% to CHF 616.7 million ($621.7 million), while shipments of steel watches increased 6% to CHF 790.7 million ($797.1 million).