Swiss Watch Exports Gain Steam With 4.4% Rise in March

PARIS — Swiss watch exports rose 4.4 percent in March, building momentum with brisk business in China and Japan, and an added boost from ongoing stockpiling in the U.K. ahead of Brexit. Figures from the Federation of the Swiss Watch Industry showed exports totaled 1.74 billion Swiss francs, or $1.72 billion for the month, with higher priced timepieces offsetting the ongoing decline in exports of cheaper watches, which are suffering from competition from the Apple watch. Considered a barometer of the luxury goods industry, even if monthly figures can vary widely, Swiss watch exports are examined for clues about the health of demand for high-end goods. The luxury sector, which relies heavily on the appetite of a swelling middle class in China, has entered a period of uncertainty with the flare up of trade tensions with the U.S. and expectations that the sector will cool this year. Watch exports to China and Japan rose 17.3 percent and 21.8 percent, respectively, while the U.K. figure jumped 76.4 percent over the month. Hong Kong, which remains the largest market even as government policies are encouraging Chinese consumers to make more purchases in mainland China, posted a 2.5 percent increase to 236.2 million Swiss francs. Exports to

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from WWDWWD http://bit.ly/2VbEjBJ