Swiss Watch Exports to US Decline Amid Global Growth

Swiss watch exports to the US declined by nearly 20% in August, while global shipments rose 9.1%. The Federation of the Swiss Watch Industry reported that exports to the US totaled 197.5 million Swiss francs ($240 million), accounting for 11% of global shipments.

The industry's most important market saw a sharp decline, contrasting with growth in other key markets. Exports to the UK rose 46.1%, while France increased 113.5%. Japan climbed 22.1%, China advanced 15.8%, and Hong Kong edged up 1.4%.

The federation noted that European results should be interpreted cautiously, suggesting that France's unusually strong performance may be a bookkeeping artifact that came at the expense of other markets.