Swiss watch exports break even in Feb
Recovery in the US market alongside steady demand from China and Hong Kong helped push Swiss watch exports to a break-even point in February, data from the Federation of Swiss Watch Exports showed.
Exports were down by 0.3 per cent, with wrist watches recording a 0.2 per cent increase. Demand in the US rose 8.8 per cent while exports in China and Hong Kong were up 161 per cent and 9.2 per cent, respectively.
"Swiss watch exports enjoyed a favourable base effect in February and continued to recover whilst also benefiting from a stark rebound in the US. But they still have not returned to a growth trend," the federation said.
China suffered one of its biggest declines in 2020, with figures being halved. "It more than doubled its results last month and is already 25 per cent higher than its 2019 benchmark," the group added.
Japan's Swiss watch exports receded by 1 per cent while other markets reported lower returns, offsetting gains in major markets. The European market dropped by 14.1 per cent.