Exports of Swiss watches fell in January for the seventh month in a row, as falling stock indexes and slowing growth in the global economy eroded demand for luxury watches in their key markets, the New York agency "Bloomberg" reports.
The two key destinations for the export of Swiss watches, Hong Kong and the USA, are the main culprits for the global crisis in the watch export sector, according to a statement from the Federation of Swiss Watch Manufacturers.
Deliveries decreased by eight percent in January, to 1,52 billion francs, compared to a growth of 3,7 percent in January 2015, according to data from the Swiss Customs Service.
Watchmakers such as Rolex and Cartier have been hit hard by rising production costs due to the strong franc, as well as slowing demand in China, according to the New York-based agency.
In 2015, Swiss watch exports decreased by 3,3 percent, the first annual decline since 2009.
Exports to Hong Kong fell in January for the 12th month in a row, by 33 percent, which is the biggest drop since October last year, while watch exports to China decreased by 1,9 percent, and to the USA by 14 percent.
The number of shipments to France recovered in January, by 4,7 percent, while exports to Japan increased by a strong 36 percent, as a large number of Chinese tourists chose that country for vacation.
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