Swiss Watch Exports Down 0.4% in April as Hong Kong Weighs

PARIS — Swiss watch exports declined 0.4 percent in April as lower exports to Hong Kong and China weighed on a monthly performance buoyed by brisk figures for the U.S. and Japan. “Four months into the year, the situation continues to be better than expected,” said the Federation of the Swiss Watch Industry Tuesday, noting the overall increase since January stands at 2.1 percent. Exports totaled 1.76 billion Swiss francs, or $1.75 billion, with exports to the U.S. and Japan growing 16.8 percent and 21.2 percent, respectively. The figure for Hong Kong, the industry’s largest market, showed a 3.9 percent drop, while exports to China were down 5.5 percent. In Europe, exports declined by 4.3 percent overall, despite a 1.6 percent increase for Germany. Exports rose 7.2 percent to the U.K., a market that is “exerting less influence on the figures than during the first quarter,” noted the federation. Stockpiling in the U.K. amid uncertainty around Brexit has boosted exports to the country in recent months. Swiss watch exports are eyed by analysts looking for clues about the broader health of the luxury sector. Industry executives have noticed that a certain amount of watch purchases customarily made in Hong Kong are shifting to Mainland China

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD http://bit.ly/30XbiKe