The United and Kingdom and China were the only major world markets to register growth for exporters of Swiss watches in February.
The world-wide total value of Swiss watch exports declined by 10% in February compared to the same month in 2016, but exports to the UK rose by 1.9% to CHF 94.9 million.
The UK was the fourth largest export market in the world in February, accounting for 6.4% of the global total value.
Among the top 10 largest export markets for Swiss Watches over the past 12 months, the UK now accounts for 9% of the total (see pie chart above).
The Federation of the Swiss Watch Industry said that the ongoing downturn is starting to be most severe at the top and bottom of the price scale.
“The export value of watches priced at less than CHF 200 lost more than 20% while the reduction was -11.9% for timepieces priced at over CHF 3000. Between the two, export sales fell more moderately at -4%,” the Federation described.