By
AFP Translated by
Roberta HERRERA Published December 19, 2024 Download
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Swiss watch exports drop 3.8% in November

By
AFP Translated by
Roberta HERRERA Published
December 19, 2024

Swiss watch exports declined by 3.8% year-on-year in November, down to CHF2.4 billion (€2.5 billion). The downturn affected nearly all of the top 10 markets, with the United States being the only exception, the Swiss Watch Federation reported on Thursday.

The decline was driven by significant decreases in exports to China and Hong Kong, which plunged 27% and 18.8% respectively compared to November 2023, according to the Swiss Watch Industry Federation (FH).

Exports to Japan contracted by 2.5%, and there was a “notable decline” in exports to the United Kingdom, the largest European market for Swiss watchmakers, where exports dropped 8.3%. Similarly, exports to Germany were down 11.3%, and they fell by 2.9% to France, and 2.9% to Italy—three other key European markets.