According to the most recent data released by the Swiss watch industry federation, Swiss watch exports to Hong Kong experienced a sharp decline of 11.4 percent in 2019. This drop has been largely attributed to the ongoing pro-democracy protests that have been gripping the region for months.
Despite this setback in Hong Kong, the overall picture for Swiss watch exports remains positive, with a healthy increase of 2.4 percent, reaching a total of 21.7 billion Swiss francs. The growth in exports was primarily driven by strong demand in other Asian markets and the United States.
Jean-Daniel Pasche, who leads the Swiss watch industry federation, expressed concerns about the prolonged impact of the protests in Hong Kong on the industry’s exports to the region. He emphasized that as long as the unrest continues, the situation will continue to pose challenges for Swiss watchmakers.
In addition to the challenges posed by the protests in Hong Kong, the watch industry is also closely monitoring the potential effects of the recent coronavirus outbreak in China. While the full extent of the impact is still unclear, early data suggests a significant 49.4 percent increase in exports to China in December, just ahead of the Lunar New Year festivities.
Aside from China, the United States saw robust growth in Swiss watch exports, with an increase of 8.6 percent. Other markets such as Japan, Singapore, Britain, and Italy also showed positive growth trends in 2019.
However, European markets experienced slower growth rates, with countries like France and Germany only seeing marginal increases in Swiss watch exports. Despite this, the overall outlook for 2019 indicates a positive growth trajectory for Swiss watch exports outside of Hong Kong.
For more information on Swiss watch exports, check out the latest data from the Swiss watch industry federation here. Additionally, to stay updated on global watch market trends, visit the Federation of the Swiss Watch Industry’s website here.
